BP has agreed phrases to promote its pursuits within the Andrew space within the central UK North Sea and its non-operating curiosity within the Shearwater area.

BP operates the Andrew property – comprising the Andrew platform, the Andrew (62.75%), Arundel (100%), Cyrus (100%), Farragon (50%) and Kinnoull (77.06%) fields and related subsea infrastructure. It holds a 27.5% stake within the Shell-operated Shearwater area.

Under the phrases of the deal, Premier Oil can pay BP $625 million.

“BP has been reshaping its portfolio within the North Sea to concentrate on core development areas, together with the Clair, Quad 204 and ETAP hubs. We're including advantaged manufacturing to our hubs by means of the Alligin, Vorlich and Seagull tieback tasks”

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Ariel Flores, BP North Sea regional president, stated: “BP has been reshaping its portfolio within the North Sea to concentrate on core development areas, together with the Clair, Quad 204 and ETAP hubs. We're including advantaged manufacturing to our hubs by means of the Alligin, Vorlich and Seagull tieback tasks.

“As a results of this focus, we have now additionally now determined to divest our Andrew and Shearwater pursuits, believing them to be a greater strategic match for an additional proprietor. We are assured that Premier Oil, already a major operator within the North Sea, is the best proprietor of those property as they search to maximise their worth and prolong their life.”

The 5 fields within the Andrew space all produce by means of the Andrew platform, which is positioned about 140 miles north-east of Aberdeen. The hub began manufacturing in 1996. In 2019, common each day manufacturing has been round 25,000 to 30,000 barrels of oil equal per day.

The Shearwater area is a excessive stress, excessive temperature reservoir produced by means of a course of, utilities and quarters platform, positioned round 140 miles east of Aberdeen. Shearwater's 2019 manufacturing has been within the area of 14,000 barrels of oil equal per day gross.

The Andrew property are anticipated to transition to Premier Oil as a totally operational entity with 69 workers who function and help the property. Their contractual phrases and circumstances are protected beneath UK Transfer of Undertakings (Protection of Employment) Regulations (TUPE). BP will now start session with in-scope workers.

There isn’t any switch of workers related to the Shearwater sale.

The gross sales are the most recent step in BP's deliberate program of $10 billion divestments by the tip of 2020. Subject to the receipt of regulatory and different third-party approvals, BP goals to finish the sale and switch of operatorship of the property on the finish of the third quarter of 2020.

Source: www.worldoil.com

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