BP is considering selling its stake in the large Shearwater project in the North Sea as it focuses on new investments in the area and expands in US shale, according to Bloomberg News, citing “people familiar with the matter.”
A sale could be worth several hundred million dollars.
The report said BP does not want to spend money on the project, in which it owns about 28%, at the same pace as operator Royal Dutch Shell. Exxon Mobil Corp has a 44.5% stake.
Shell in December approved an investment in the Shearwater platforms that would allow it to collect more natural gas from nearby North Sea fields.
Shearwater is one of the biggest producing blocks in the North Sea and the platform has become a critical infrastructure hub.