BP raises further US$240m

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BP has agreed to sell its 18.36% non-operated interest in the Draugen field in the Norwegian sector of the North Sea to Shell for US$240m, as it continues to refocus its global portfolio on assets with long-term growth potential and raise further funds to meet its Gulf of Mexico liabilities.

BP said the sale meant it had now entered into agreements to sell assets with a total value of around US$33bn since the beginning of 2010, leaving it with a further US$5bn to achieve the US$38bn target it has set between 2010 and 2013 – although criminal penalities in the US may yet force the company to make further disposals.

BP’s net production from Draugen, which Shell operates, averages about 6,000 barrels per day. The two majors hope to complete the deal by the end of 2012, subject to regulatory approval.

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