BP to sell North Sea assets to Premier Oil in £475m deal

The sell off is the latest step in BP’s planned programme of £7.6bn of divestments by the end of 2020

BP has agreed to sell two of its major assets in the North Sea to Premier Oil in a deal worth $625 million (£475m).

It includes the Andrew assets – comprising the Andrew platform, the Andrew, Arundel, Cyrus, Farragon and Kinnoull fields and associated subsea infrastructure – as well as its 27.5% stake in the Shell-operated Shearwater field.

The five fields in the Andrew area all produce through the Andrew platform, which is located around 140 miles north-east of Aberdeen.

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