July 29, 2016 | 83° | Check Traffic

Top News

BP sells Norwegian Sea stake to Norske Shell

LONDON (AP) — BP PLC says it has agreed to sell its stake in a Norwegian oil field to AS Norske Shell for $240 million as part of its efforts to raise funds to pay for the cost of the Gulf of Mexico oil spill.

The deal, which involves BP selling its 18 percent holding in the field, raises Norske Shell’s stake in the field to 44.56 percent.

BP said Thursday that it has now sold or agreed to sell more than $33 billion in assets since 2010 towards its goal of raising $38 billion to pay the cost of the Gulf of Mexico oil spill.

On Monday, BP announced it had sold some of its deep water production assets in the Gulf of Mexico to Plains Exploration & Production Co. for $5.55 billion.

No comments
By participating in online discussions you acknowledge that you have agreed to the TERMS OF SERVICE. An insightful discussion of ideas and viewpoints is encouraged, but comments must be civil and in good taste, with no personal attacks. Because only subscribers are allowed to comment, we have your personal information and are able to contact you. If your comments are inappropriate, you may be banned from posting. To report comments that you believe do not follow our guidelines, email commentfeedback@staradvertiser.com.