BP sells Norwegian asset to Shell

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.

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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.