The transaction will also attract future payment based on the oil price and production, which BP is currently expecting to be over $250m.
The company is selling its interests in operated Maclure, Harding and Devenick fields, as well as in non-operated interests in the Brae complex of fields and the Braemar field, as a part of its business strategy.
BP group chief executive Bob Dudley said, "This transaction is in line with BP’s strategy to focus on a smaller number of higher-value assets with long-term growth potential and to continue the simplification of our portfolio with a further reduction of operated infrastructure and wells."
Subject to the approval of third party and regulatory clearances the companies are expecting to complete the deal in the second quarter of 2013.
