Canadian Manufacturing

BP sells Norwegian Sea stake to Norske Shell for $240M

by The Associated Press   

Procurement Energy BP British Petroleum mergers and acquisitions

Part of goal to raise $38-billion to pay for Gulf of Mexico oil spill

LONDON—BP PLC says it has agreed to sell its stake in a Norwegian oil field to AS Norske Shell for $240-million as part of its efforts to raise funds to pay for the cost of the Gulf of Mexico oil spill.

The deal, which involves BP selling its 18 per cent holding in the field, raises Norske Shell’s stake in the field to 44.56 per cent.

BP said it has now sold or agreed to sell more than $33-billion in assets since 2010 towards its goal of raising $38-billion to pay the cost of the Gulf of Mexico oil spill.

Earlier this month BP announced it had sold some of its deep water production assets in the Gulf of Mexico to Plains Exploration & Production Co. for $5.55-billion.



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