Perenco buys BP North Sea assets for �251m

Perenco has agreed a �251.7m deal with BP for number of its Southern North Sea assets.

The British supermajor has agreed to sell a number of manned and unmanned platforms off the coast of Yorkshire and a terminal at Dimlington to oil and gas company Perenco for 400 million US dollars, as it looks to pay for the Deepwater Horizon spill.

This announcement follows the completion of other successful transactions with BP, including the 2011 acquisition of its interest in Wytch Farm and, in 2003, the company's interest in the Bacton Gas Terminal and a portfolio of gas fields in the Southern North Sea around the Indefatigable shelf.

Eric Faillenet, general manager Perenco UK, which has its UK opeartions base in Great Yarmouth, said: 'We are very pleased to have reached this agreement with BP.

'It marks a natural extension of our UK North Sea portfolio and plays to Perenco's core strength of maximising the value of mature fields.'

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Yesterday's news comes shortly after the completion of the acquisition of Wytch Farm, also from BP.

The transaction remains subject to certain regulatory and third party approvals.

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BP said it still had ambitious plans for the North Sea, and is building four major projects in UK waters and two near Norway as part of a �10bn investment programme over the next five years with other major players in the industry. The projects, which include the giant Clair field, west of the Shetland Islands, represent its biggest ever annual investment in the UK's offshore industry.

At their peak, it is expected that the projects will provide 3,000 UK oil and gas supply jobs and play a part in sustaining the more than 3,000 jobs already existing in BP's North Sea operations.

BP said some 200 staff working at the assets will transfer to Perenco on completion of the deal, which is expected before the end of 2012.

Trevor Garlick, regional president for BP North Sea, said: 'Together with our partners, BP is currently progressing projects in the UK offshore that will involve a total investment of �10bn over the next five years – representing the highest level of annual investment BP has ever made into the UK's offshore industry.

'Actively managing our portfolio allows us to concentrate our people, capabilities and investment on sustaining BP's business in the North Sea for the long term.'

Yesterday's sale means BP has now sold $23bn worth of assets as part of plans to raise $38bn between 2010 and the end of 2013.

It faces a $43bn bill for the Gulf of Mexico oil spill.

BP last year sold its Wytch Farm terminal, which is set in a designated area of outstanding natural beauty in the Dorset countryside, with three neighbouring fields to Perenco for $610m (�384m).

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