BP Gets $240M From Shell For Norwegian Sea Oil Stake

Law360, New York (September 13, 2012, 6:27 PM EDT) -- BP PLC continues to shed what it has identified as noncore assets, divesting its 18 percent interest in a 225,000-barrel-per-day Norwegian Sea oil field to operator Royal Dutch Shell PLC for $240 million, the seller announced Thursday.

With the sale, subsidiary BP Norge AS loses about 6,000 barrels per day, as well as some natural gas production, but frees up capital to put into other “high-value assets with long-term growth potential” in the North and Norwegian seas, where it plans to invest $10 billion over the...
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