BP agrees to sell interests in two North Sea fields to Mitsui

BP announced today that it has agreed to sell its interests in the Alba and Britannia fields in the UK North Sea to Mitsui for $280m (£180m) in cash.

The sale comprises BP’s non-operating 13.3 per cent stake in Alba and 8.97 per cent stake in Britannia.

Completion of the deal is anticipated by the end of the third quarter of 2012, subject to regulatory and other licensee approvals.

The agreement is a further example of BP’s active management of its business portfolio in the North Sea, focusing on core activities and future growth.