LONDON--Oil giant BP PLC (BP.LN) said Thursday it is selling its
36.22% interest in the Central Area Transmission System business in
the U.K.'s North Sea to Antin Infrastructure Partners for 324
million pounds ($486 million).
Antin already has a 62.78% interest in the CATS business.
BP will get GBP302 million on completion, which is expected by
the end of this year, and GBP22 million which is deferred, subject
to certain post-closing adjustments, it said.
"The North Sea is an important region for BP. Our strategy here
is to focus our resources and investment to create an efficient,
sustainable and competitive business which will contribute to U.K.
energy security for many years to come," Trevor Garlick, Regional
President BP North Sea, said.
"Key elements of this are the completion of our major projects
in the central North Sea and Shetland area, and continued
management of our portfolio," he added.
BP is currently the operator of CATS. The other partners are
ConocoPhillips (COP), with a 0.66% interest, and ENI S.p.A (E),
with 0.34%.
Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
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