Oil giant BP said it had struck a deal to sell interests in two North Sea oil fields to Japanese firm Mitsui.
BP said the sale was part of a strategy to focus on core activities and future growth in the UK and Norway.
The company is off-loading its minority interests in the Alba and Britannia fields for $280m in cash.
Try 6 free issues of MoneyWeek today
Get unparalleled financial insight, analysis and expert opinion you can profit from.
Start your trial
Sign up for MoneyWeek’s free twice-daily newsletter.
Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.
Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.
The sale comprises BP's non-operating 13.3% stake in Alba and 8.97% stake in Britannia.
Latest Videos FromMoneyWeek
The deal is expected to complete by the end of September 2012, subject to regulatory and other licensee approvals.
Trevor Garlick, regional president for BP North Sea, said: "BP has a multi-billion pound investment programme currently underway in the region, with four major field development projects in the UK and a further two in Norway."
After the sale BP will still have a major interest in the North Sea with current production around 200,000 barrels of oil equivalent per day.
The company also has over 3bn barrels of proven and contingent resource available, it said.
It expects to invest $10bn net over the next five years in the North Sea.
BP is in the middle of a much wider asset sale, with a $38bn asset disposal programme underway to pay for the Gulf of Mexico oil spill in 2010.
On Monday it said it had agreed to sell some of its Wyoming gas operations to US firm Linn Energy for $1bn.
The agreement to sell the 'Jonah' assets brings the total value of divestments that BP has agreed since the start of 2010 to around $24bn.
