BP Nets $280M From Mitsui's Purchase Of North Sea Stakes

Law360, New York (June 26, 2012, 2:34 PM EDT) -- BP PLC continued its global sell-off Tuesday with an announcement that Japanese trading house Mitsui & Co. Ltd. has snapped up the British energy giant's minority stakes in two North Sea oil and gas operations for $280 million.

The cash deal gives Mitsui a 13.3 percent stake in Chevron Corp.'s Alba oil field, as well as a nearly 9 percent interest in the Chevron- and ConocoPhillips Co.-controlled Britannia gas and condensate play, according to parallel statements from BP and Mitsui.

The purchase agreement, which subsidiaries of...
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