BP sells North Sea assets for $162 million - BP sells two Venezuelan assets

www.e4engineering.com From E4 : Engineering, 26 February 2003, in Home

BP announced today that it has agreed to transfer to Perenco its interests in two Venezuelan production assets for $160 million in a cash transaction. The interests are a 60 per cent stake in the Boqueron field in eastern Venezuela and 100 per cent in the DZO (Desarrollo Zulia Occidental) field in the west of the country. BP currently operates both fields. BP's share of production from these fields is said to have averaged 26,100 barrels of oil a day in 2002. The transaction follows a number of recent asset sales made by BP in other parts of the world, including the sale of several UK Southern North Sea gas production assets to Perenco, which is based in London and Paris. On completion of this transaction and the UK Southern North Sea gas acquisition, Perenco's operated oil and gas production is expected to rise to 275,000 barrels of oil equivalent a day (boed) and its net production to 185,000 boed.