BP sells some North Sea assets for $1.1bn to Taqa

Wednesday, 28 November 2012 15:05

Posted by Parvez Jabri

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LONDON: BP said on Wednesday that it will sell a package of North Sea assets to Abu Dhabi national oil firm TAQA for about $1.1 billion (850 million euros) to help pay for the devastating 2010 US Gulf of Mexico oil spill.

"BP announced today that it has agreed to sell its interests in a number of central North Sea oil and gas fields to TAQA for $1.058 billion plus future payments which, dependent on oil price and production, BP currently expects will exceed $250 million," the British energy giant said in a statement.