Under the agreement, BP will sell its 50% interest in the Sean gas field located in the southern North Sea and it is operated by Shell.
The current production of BP from the gas field is about 18,000 barrels of oil equivalent per day. The Sean gas field is situated near SSE’s many existing upstream assets.
The total net proven and probable reserves during the life of the field are expected to be around 1.7 billion therms, with a possibility of additional resource through infill drilling.
BP North Sea regional president Trevor Garlick said, "The divestment of BP’s interest in the non-core, non-operated Sean field is consistent with our strategy of focusing on high value assets with long term growth potential."
SSE Energy Portfolio Management MD David Franklin stated, "We have made clear that SSE is proactively seeking new opportunities to increase our presence in the upstream gas sector where assets can be acquired for a fair price, and that is exactly what this deal represents."
Subject to regulatory approval, the transaction is expected to close during the first half of 2013.
