SSE buys BP' s 50% stake in UK North Sea Sean gas field for $288 million
LONDON -- SSE said it agreed to buy BP 50% working interest in the Sean gas field in the Southern North Sea for a cash consideration of $288 million.
Transaction was through its wholly owned subsidiary SSE E&P. Total net proven and probable (2P) reserves to SSE are expected to be 1.7 billion therms over the life of the field, with the possibility of additional resource through infill drilling.
Consideration and reserves based on an effective date of Jan. 1. Sean gas field is close to a number of SSE' s existing upstream assets.
Dow Jones Newswires