BP announced plans to sell its interest in a number of oil and gas projects in the United Kingdom. The assets involved are the Wytch Farm onshore oilfield in Dorset and all of BP”s operated gas fields in the Southern North Sea, including associated pipeline infrastructure and the Dimlington terminal.
BP says it expects the staff currently working on these assets will transfer employment to the new buyer when the divestments are completed. According to BP, the divestments are designed to allow it to focus resources and investment on its central North Sea, northern North Sea, West of Shetland and Norway assets, and on successful delivery of its new major projects.
Trevor Garlick, Regional President, BP North Sea said, in a prepared statement, “The North Sea is a significant business for BP, and we are currently investing here at the highest level for more than ten years, with four major new field development projects underway in the UK and two in Norway. The assets we intend to divest are of high value but find it difficult to compete for capital and resource within our North Sea portfolio. We believe they will attract earlier investment and be of greater value to a new buyer.”