The assets involved are the Wytch Farm onshore oilfield in Dorset and all of BP’s operated gas fields in the southern North Sea, including associated pipeline infrastructure and the Dimlington terminal.
These assets sale will allow BP to focus resources and investment on its diverse central North Sea, northern North Sea, West of Shetland and Norway assets and on delivery of its new major projects.
BP expects that the staff currently working on these assets will transfer employment to the new buyer when the sale of the assets are completed.
BP North Sea regional president Trevor Garlick said that the North Sea is a significant business for BP and the company is currently investing here at the highest level for more than ten years, with four major new field development projects underway in the UK and two in Norway.
"The assets we intend to divest are of high value but find it difficult to compete for capital and resource within our North Sea portfolio," Garlick said.
BP anticipates to complete the sale around the end of 2011, subject to receipt of suitable offers and regulatory and third party approvals.
