BP to sell interests in North Sea oil and gas fields to TAQA

BP has agreed to sell its interests in a number of central North Sea oil and gas fields to TAQA for $1.058bn plus future payment which, dependent on oil price and production, BP expects will be in excess of $250m.

The assets included in the sale, which is subject to third-party and regulatory approvals, are BP’s interests in the BP-operated Maclure, Harding and Devenick fields and non-operated interests in the Brae complex of fields and the Braemar field.

The sale is set for completion in the second quarter of 2013.