BP in $240m Shell Draugen deal

Bob Dudley, CEO BP at WPC 2011 in Doha

Kaia Means/Upstream

Eoin O'Cinneide

 13 September 2012 12:07 GMT

BP has bagged another $240 million to add to its Deepwater Horizon fund after selling its stake in a Norwegian Sea oilfield.

The UK supermajor has offloaded its entire 18.36% non-operating stake in the Draugen field to Shell in an all-cash deal, it revealed on Thursday. Shell already operates the field.

BP reaffirmed, however, its commitment to the Norwegian market, pointing to the Skarv and Valhall projects as signs of continued investment while it realises "the value of non-core assets".

"With the start-up of Skarv and Valhall redevelopment, BP’s Norwegian production is expected to more than double, to over 60,000 barrels of oil equivalent per day," the company said on Thursday.

"The Valhall re-development…

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