BP sells interest in North Sea gas field to SSE for $288 million

Mon Dec 17, 2012 3:04pm IST

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(Reuters) - Oil company BP Plc (BP.L) said it would sell its interest in the Sean gas field in the UK North Sea to British utility SSE Plc (SSE.L) for $288 million, as part of its strategy to sell its stakes in non-operated North Sea assets.

The sale of BP's non-operated 50 per cent stake in Sean will give SSE access to total net proven and probable reserves of about 1.7 billion therms over the life of the field.

SSE said in a statement that there was also a possibility of additional resource through infill drilling.

The total value of BP's assets sold in the North Sea now stands at about $3.1 billion, including its $1.3 billion deal with Abu Dhabi National Energy Co (TAQA) TAQA.AD last month.

(Reporting by Brenton Cordeiro in Bangalore; Editing by Roshni Menon)