BP has announced yet another asset sale, this time in the Norwegian Sea, as it continues to raise funds to pay off costs relating to the 'Deepwater Horizon' oil disaster in 2010.
The company said it had agreed to sell its 18.36% non-operated interest in the Draugen field in the Norwegian Sea to Shell for $240m in cash.
Net BP production from Draugen, which is operated by Shell, averages around 6,000 barrels per day.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The deal should be completed by the end of 2012, subject to regulatory approval, and leaves the company with 15 Norwegian licences.
BP said the sale reflected a focus on investment in high value assets with long term growth potential, while realising the value of non-core assets.
The firm has now entered into agreements to sell assets with a value of around $33bn since the beginning of 2010.
The firm intends to raise a total of $38bn through asset disposals.
On Monday the oil titan said it was to sell off $5.55bn-worth of assets in the deepwater US Gulf of Mexico.
-
Cash in on the growth prospects of Europe's companiesOpinion Marcel Stötzel, co-portfolio manager of the Fidelity European Trust, selects three stocks
-
Is the AI boom another dotcom bubble?25 years on from the dotcom bubble bursting, is it time for investors to consider the sustainability of the AI boom in the stock market?
