BP will sell its interests in the Alba and Britannia fields to Mitsui & Co, for a cash remuneration of $280m.

The company is selling the non-operating 13.3% interest in the Alba field and 8.97% stake in the Britannia field, located in the UK North Sea.

The net production from the two fields is averaged at 7,000 barrels of oil equivalent per day.

BP North Sea regional president Trevor Garlick said the divestments are part of the company’s strategy to develop a more focused business in the UK and Norway.

"BP has a multi-billion pound investment programme currently underway in the region, with four major field development projects in the UK and a further two in Norway," Garlick added.

BP and Mitsui are expecting to complete the transaction by the end of the third quarter of 2012, following the required approvals.