BP has sold it's interests the UK-based onshore oil field, Wytch Farm, to Perenco.
Wytch Farm onshore oilfield Image: PremierOil |
The cash deal, worth a potential $610m, includes $55m contingency depending on Perenco's future development of the Beacon field, which is part of the site situation in Dorset, South England.
BP had announced in March that it was looking for a potential buyer of the assets and Perenco stepped forward. Perenco is a European oil and gas company, but has interests in 16 countries in Africa, South America, Middle East and Europe.
The sale will involve an initial $500m payment followed by a further £55m on completion - expected before the end of the year - as well as the contingency payment. It also includes interests in the Wareham and Kimmeridge fields.
BP announced last year that it is looking to dispose of $30bn worth of assets by the end of 2011 as well as focusing on North Sea development in and around the UK. The latest sale takes the company to within $5bn of its target.