BP Sells Interest in Sean Gas Field to SSE PLC for $288M

BP

announced today that, as part of its decision to market its stakes in non-operated North Sea assets, it has agreed to sell its interest in the Sean gas field in the UK North Sea to SSE plc for $288 million in cash. The sale comprises BP's non-operated 50 per cent stake in Sean. Completion of the deal is anticipated during the first half of 2013, subject to regulatory approval. Trevor Garlick, regional president of BP North Sea, said: 'The divestment of BP's interest in the non-core, non-operated Sean field is consistent with our strategy of focusing on high value assets with long term growth potential.' In the last two weeks BP has also completed the sale of its non-operating stakes in the Alba and Britannia fields to Mitsui and the Draugen field in Norway to Shell, deals that were announced earlier in 2012.Notes to Editors:Sean Gas field: Sean is a gas field in the Southern North Sea and is operated by Shell. Current net BP production from Sean is around 18,000 barrels of oil equivalent per day. BP in the North Sea: • BP is a major investor in the North Sea (UK and Norway) with an extensive