BP will sell its North Sea interests to another UK-based company Premier Oil, for which the latter will pay $625 million, Trend reports with reference to BP.
The deal includes BP's operating interests in the Andrew area comprising the Andrew (62.75 percent), Arundel (100 percent), Cyrus (100 percent), Farragon (67 percent) and Kinnoull (77.06 percent) assets as well its non-operating 27.5 percent interest in the Shell-operated Shearwater.
Reportedly, BP has agreed terms to sell the company’s interests in the Andrew area in the central UK North Sea and its non-operating interest in the Shearwater field.
BP operates the Andrew assets – comprising the Andrew platform, the Andrew (62.75 percent), Arundel (100 percent), Cyrus (100 percent), Farragon (67 percent) and Kinnoull (77.06 percent) fields and associated subsea infrastructure. It holds a 27.5 percent stake in the Shell-operated Shearwater field.
The five fields in the Andrew area all produce through the Andrew platform, which is located about 140 miles north-east of Aberdeen. The hub started production in 1996. In 2019, average daily production has been around 25,000 to 30,000 barrels of oil equivalent per day.
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