BP sells £250m North Sea platforms but insists ‘we’re here to stay’

OIL giant BP sold a raft of assets in the North Sea yesterday in a $400 million (£252m) deal, but insisted it is still committed to developing around the UK.

The company has agreed to sell a number of platforms off the coast of Yorkshire and a terminal at Dimlington to oil and gas company Perenco, as it looks to pay for the Deepwater Horizon spill.

But BP said it still has ambitious plans for the North Sea, and is building four major projects in UK waters and two near Norway as part of a £10 billion investment programme over the next five years, shared with other major players in the industry.

The projects, which include the giant Clair field west of the Shetland Islands, represent its biggest ever annual investment in the UK’s offshore industry.

It is expected the projects will provide 3,000 UK jobs and play a part in sustaining the more than 3,000 jobs already existing in BP’s North Sea operations.

BP said some 200 staff working at the assets will transfer to Perenco on completion of the deal, which is expected before the end of the year.

Trevor Garlick, regional president for BP North Sea, said: “Actively managing our portfolio allows us to concentrate our people, capabilities and investment on sustaining BP’s North Sea business for the long term.”

The sale means BP has now sold $23bn of assets as part of plans to raise $38bn between 2010 and the end of 2013. It faces a $43bn bill for the Gulf of Mexico oil spill, although the figure could be lower if ongoing negotiations to secure an out-of-court-settlement with the US government succeed.

It has recently been reported that the firm planned to sell £2bn worth of North Sea assets.