London, Dec 6, 2012: BP sells its stakes in its North Sea oil and gas fields for $1.06bn (£663m) to an Abu Dhabi’s energy group. Prime Minister David Cameron said agreement positioned the North Sea as a global energy hub and the takings from the deal will help cover huge amounts from the 2010 Gulf of Mexico oil spill.

Abu Dhabi National Energy (Taqa) will get hold of stakes in the BP-operated Harding, Maclure and Devenick fields. He said that the deal would show that changes to the North Sea tax regime are will help to generate jobs in Scotland and UK, making sure we do well in the global race. Chief executive of Taqa, Carl Sheldon, said the deal would add 21,000 barrels of oil equivalent a day to its output. Peter Hutton, energy analyst at RBC Capital Markets says the disposed assets produce 40,000 barrels of oil equivalent a day. Continue reading →