BP Plc (BP/), the energy producer that’s disposing of assets in the wake of the 2010 Gulf of Mexico oil spill, sold stakes in North Sea fields to Abu Dhabi National Energy Co. (TAQA) for $1.1 billion.
Taqa, as the state-controlled power and oil company is known, will acquire interests in BP’s Harding, Maclure and Devenick fields, BP said in a statement today. The deal also includes non-operated interests in the Brae and Braemar fields. The price doesn’t include future payments dependent on oil prices and production that BP expects to reach $250 million.
BP CEO Bob Dudley is shoring up the balance sheet of Europe’s second-biggest oil company as it faces a trial over civil fines in the U.S. next year. Today’s sale brings total disposals since 2010 to about $37 billion, close to the $38 billion target.
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