BP Announces Sale of Interest in Draugen to Shell
Sept. 13, 2012 - BP announced today that it has agreed to sell its 18.36 per cent non-operated interest in the Draugen field in the Norwegian Sea to AS Norske Shell for $240 million in cash.
The agreement is a further example of BP’s active management of its portfolio in the North Sea, focusing investment on high value assets with long term growth potential, while realising the value of non-core assets.
“BP is a significant investor in Norway and is in the final stages of completing two major projects, the Skarv field and the re-development of the Valhall field, which will greatly increase our production from the country,” said Rebecca Wiles, managing director of BP Norway.
“These investments, together with our continuing operation of the Ula field, underline our long term commitment to Norway.”
- BP has been in Norway since 1920
- BP Norway has 15 licences, and is the operator of 11 of these. The fields currently in production and operated by BP Norway are Valhall, Hod, Ula and Tambar
- A new projects organisation is being established in Stavanger that will develop a projects capability in BP Norway to service future projects from the Valhall, Ula and Skarv hubs through to 2050
- BP expects to invest $10 billion (c £6.7billion) net over the next five years in Norway and the UK
This release contains forward-looking statements, including statements with respect to the expected completion of BP’s disposal of its interest in the Draugen field; BP’s future investment and strategy in Norway and the UK; BP’s future production in Norway; the Skarv field and Valhall field projects and their and the Ula field’s expected production life; and other statements which are generally, but not always, identified by the use of words such as ‘will’, ‘intended to’, ‘expected to’, and similar expressions. Forward-looking statements involve risks and uncertainties because they depend on circumstances that will or may occur in the future. Actual results may differ materially from those expressed in such statements, depending on a variety of factors, including the actions of counterparties; regulatory actions; demand and pricing; general economic conditions; and other factors discussed in this release and in BP’s Annual Report and Form 20-F 2011 (SEC File No. 1-06262) as filed with the United States Securities and Exchange Commission.