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Updated: November 28, 2012 16:47 IST

Abu Dhabi-controlled TAQA buys BP North Sea assets

AP
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BP is selling its interests in some North Sea oil and gas fields to TAQA. A BP sign at a petrol station in Edmonton, London. File Photo: AP
AP BP is selling its interests in some North Sea oil and gas fields to TAQA. A BP sign at a petrol station in Edmonton, London. File Photo: AP

British Petroleum (BP) is selling its interests in some North Sea oil and gas fields to TAQA, a company controlled by Abu Dhabi Water and Electricity Authority, for $1 billion.

The company has now negotiated sales of assets valued at about $37 billion since 2010 just short of its goal to raise $38 billion by next year to pay for the Gulf of Mexico oil rig disaster and to invest in new opportunities.

The British oil company said on Wednesday that the deal provides for additional future payments of an estimated $250 million or more, based on oil prices and production.

Subject to regulatory approval, the sale is expected to be completed in the second quarter next year.

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