BP selling Norway stake to Shell for $240 million

9/13/2012

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

 

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