BP sells North Sea stakes to Mitsui - July 01, 2012

Providing coverage of Alaska and northern Canada's oil and gas industryJuly 2012

Vol. 17, No. 27

Week of July 01, 2012

BP sells North Sea stakes to Mitsui

Energy company BP PLC says it has agreed to sell its interests in two North Sea oil fields to Mitsui & Co. for $280 million.

BP said June 26 that the sale includes a 13.3 percent stake in Alba and a near 9 percent stake in Britannia.

The announcement comes a day after BP said it sold some of its operations in Wyoming to LINN Energy for $1 billion.

BP says it has sold assets worth about $24 billion since 2010. The company has set a target of $38 billion in asset sales to help pay for the costs of the Gulf of Mexico well blowout and oil spill.

—Associated Press

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