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BP selling Norway stake to Shell for $240 million

BY STEVE GELSI

LONDON -- BP said it agreed to sell for $240 million in cash its 18.4% non-operated interest in the Draugen field in the Norwegian Sea to a unit of Royal Dutch Shell.

"The agreement is a further example of BP' s active management of its portfolio in the North Sea, focusing on high value assets with long term potential growth," BP said. BP said it' s in final stages of completing two major projects in Norway, the Skarv field and the re-development of the Valhall field. The two projects will help BP to more than double its Norwegian production to more than 60,000 bopd, the company said.

Dow Jones Newswires

 

09/13/2012

 

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