BP ‘ready to sell $1bn in North Sea assets’

BP is looking to sell $1 billion (747 million euros) worth of its North Sea assets, according to British media reports. The oil company has said it would shed $30 billion dollars (22 billion euros) in assets this year to help cover the costs of the Gulf of Mexico oil spill in April. It has so far raised around $21 billion (15.7 billion euros).

It has also been reported that fellow oil giant ExxonMobil is looking to sell $2 billion (1.5 billion euros) of North Sea assets, with the low-margin fields becoming less attractive to larger companies with high-dividend policies.

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