BP selling assets to Perenco
18 May 2011
London – BP is to sell its interests (see panel) in the Wytch Farm, Wareham, Beacon and Kimmeridge fields to Perenco UK Ltd for up to $610m in cash. The price includes $55m contingent on Perenco’s future development of the Beacon field and on oil prices in 2011-13.
The sale is part of BP plans to divest up to $30bn of assets by the end of 2011. BP had already announced sales agreements totalling around $25bn.
European oil and gas company Perenco has a presence in 16 countries, spanning from Africa to South America, and from the Middle East to Europe. It currently produces around 275,000 boepd and employs more than 4,500 people worldwide.
BP remains a major investor in the North Sea with a portfolio of production from existing reservoirs, new projects under development and growth potential in undeveloped resources. The group has invested £1.5 billio in the North Sea during 2010 and plans to invest some £12billion in total over the next five years.
Four major projects are currently underway in the UK - Clair Ridge, Quad 204 (Schiehallion), Devenick and Kinnoull and two in Norway - Skarv and Valhall Redevelopment.
In the 26th UKCS licensing round, BP was awarded licence interests in seven offshore exploration blocks – the largest licence award BP has received in the UK for more than a decade.
To deliver its North Sea plans, BP is looking to recruit over 300 experienced engineers annually across a range of disciplines in addition to ongoing graduate recruitment.
BP’s equity interests
Wytch Farm: BP (Operator) 67.81%, Premier 12.38%, Maersk 7.43%, Summit Petroleum Dorset Ltd 7.43%, Talisman 4.95%
Wareham and Beacon: BP (Operator) 67.5%, Premier 12.5%, Maersk 7.5%, Summit 7.5%, Talisman 5%.
Kimmeridge: BP 100%.
