BP Seeks to Sell Shut-down North Sea Oil Field: Sources

It is unclear how much money BP could get from the shut-down North Sea oil field, if any, given the clean-up, or decommissioning, costs that would have to be negotiated, sources say.

Ron Bousso, Reuters

BP Plc is seeking buyers for its shut-down Foinaven oil field in the North Sea, hoping Britain’s renewed focus on domestic production will attract buyers interested in extracting the field's remaining reserves, industry sources said.

BP halted production at the Foinaven field west of the Shetland islands last year after 25 years of activity and is preparing to dismantle its floating production vessel.

The field nevertheless still holds reserves of around 200 million barrels of oil which could be tapped in a relatively short time and with minimal investment, the three sources said.

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