BP selling stake in North Sea gas field for $288M

British oil giant BP is selling its 50 percent stake in a gas field in the North Sea off the United Kingdom for $288 million in cash as part of a plan to divest certain non-operated assets.

The company said Monday the sale of its interest in the Sean gas field to SSE PLC is expected to be completed during the first half of 2013, subject to regulatory approval.

BP said that in the last two weeks it has completed the sale of non-operating stakes in the Alba and Britannia fields to Mitsui and the Draugen field in Norway to Shell. Those deals were announced earlier this year.

The Sean gas field is in the southern portion of the North Sea and is operated by Shell. Current net BP production from Sean is around 18,000 barrels of oil equivalent per day, the company said.

BP remains a major investor in the North Sea. Its annual North Sea production averages around 200,000 barrels of oil equivalent per day and the company has over 3 billion barrels of estimated proven and contingent resource available in the region.

The company said it operates around 30 oil and gas fields in its North Sea business.