BP has agreed terms to sell its interests in the Andrew area in the central UK North Sea and its non-operating interest in the Shearwater field to Premier Oil, in a $625 million deal.
BP operates the Andrew assets – comprising the Andrew platform, the Andrew (62.75%), Arundel (100%), Cyrus (100%), Farragon (67%) and Kinnoull (77.06%) fields and associated subsea infrastructure. It also holds a 27.5% stake in the Shell-operated Shearwater field.
The Andrew assets are expected to transition to Premier Oil as a fully operational entity with 69 staff who operate and support the assets. There is no transfer of staff associated with Shearwater. Read more…