PRESS: BP close to finally offloading Shearwater stake - Bloomberg

(Alliance News) - BP PLC is in advanced talks to sell its stake in the Shearwater oil field, ...

Alliance News 17 May, 2021 | 8:49PM
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(Alliance News) - BP PLC is in advanced talks to sell its stake in the Shearwater oil field, located in the UK North Sea, Bloomberg reported on Monday.

BP has a 28% stake in the asset, which is operated by fellow oil major Royal Dutch Shell PLC. Bloomberg added that the buyer of the stake, Tailwind Energy Ltd, is backed by commodity trading firm Mercuria Energy Group Ltd.

Tailwind Energy has assets in the UK Central North Sea, as well as the Conwy field located in the Irish Sea. In addition, it has a 25% interest in the Columbus field, which is about 35 kilometres from Shearwater.

BP has previously struck a deal to sell its holding in the asset. It was due to be purchased by Premier Oil PLC last year after oil prices crashed due to the Covid-19 pandemic. The transaction, which was valued at USD625 million, was later dropped following a reverse-takeover of Premier by Chrysaor Holdings Ltd.

BP shares closed up 0.6% at 315.65 pence each in London on Monday.

By Eric Cunha;

Copyright 2021 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
BP PLC 316.85 GBX 0.46
Royal Dutch Shell PLC B 1,362.40 GBX 0.01
Royal Dutch Shell PLC Class A 1,424.00 GBX 0.41

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