As part of its strategy to sell certain non-operated North Sea oil and gas assets, BP has agreed to sell its non-operated 50% stake in the Sean gas field in teh UK North Sea to SSE plc for $288 million in cash.
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.
Completion of the deal is anticipated during the first half of 2013, subject to regulatory approval.
Jefferies acted as financial adviser to BP in relation to the transaction.
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.