PRESS: BP fielding final offers for Shearwater and Andrew assets

(Alliance News) - Oil major BP PLC is taking final bids for its North Sea assets, Bloomberg News ...

Alliance News 18 March, 2021 | 6:51AM
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(Alliance News) - Oil major BP PLC is taking final bids for its North Sea assets, Bloomberg News reported on Wednesday.

Oil and gas producers Tailwind Energy Ltd, London-listed Serica Energy PLC, Ithaca Energy Ltd, London-listed EnQuest PLC and newcomer Waldorf Production UK Ltd have been considering binding offers for some or all of the assets, Bloomberg said.

BP is looking to offload its Shearwater and Andrew fields and could end up selling its interests to different bidders depending on the interest it receives.

The BP fields were due to be purchased by Premier Oil PLC last year after oil prices crashed but hit a snag after Premier's largest creditor initially blocked the deal. The transaction, which was valued at USD625 million, was later dropped following a reverse-takeover of Premier by Chrysaor Holdings Ltd.

BP has promised shareholders it will aim to cut greenhouse gas emissions and increase investments in low-carbon energy. The oil giant aims to sell USD25 billion of assets by 2025 to help ease its debt burden and fund the energy transition.

Shares in BP closed at 313.80 pence in London on Wednesday. The stock is up 23% so far in 2021.

By Paul McGowan;

Copyright 2021 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
BP PLC 314.50 GBX -1.26
EnQuest PLC 17.76 GBX -3.48 -
Serica Energy PLC 120.00 GBX 0.84 -

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