trending Market Intelligence /marketintelligence/en/news-insights/trending/-igM3AqgqywcMZ8Fdq-DEg2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

BP to off-load interests in North Sea assets to Premier Oil for $625M

As COVID-19 Wears On, Regulators Examine Moratorium Extensions, Cost Recovery

Essential Energy Insights - June 11, 2020

Webinar Replay

Deep Dive on Oil & Gas for Financial Institutions

Essential Energy Insights - May 28, 2020

BP to off-load interests in North Sea assets to Premier Oil for $625M

BP PLC agreed to divest its interests in the Andrew area in the central U.K. North Sea and its nonoperating interests in the Royal Dutch Shell PLC-operated Shearwater field to Premier Oil PLC for $625 million.

The Andrew assets include the Andrew platform about 140 miles northeast of Aberdeen; the Andrew, Arundel, Cyrus, Farragon and Kinnoull fields; and associated subsea infrastructure, according to a Jan. 7 news release. Average daily production in the Andrew platform in 2019 amounted to about 25,000 to 30,000 barrels of oil equivalent per day. BP owns a 27.5% stake in the Shearwater field, which posted 2019 gross production of about 14,000 boe/d.

The off-loading of BP's interests is a part of the company's plan to focus its North Sea portfolio on core growth areas, which include the Clair, Quad 204 and ETAP hubs, BP North Sea Regional President Ariel Flores said. The transaction is the latest part of the company's planned $10 billion of divestments by the end of the year, according to the release.

In addition, Premier struck an agreement to increase its interest in the Tolmount area in the U.K. North Sea by 25% for $191 million plus contingent payments of up to $55 million, according to a separate, same-day news release. The Tolmount area is scheduled to deliver first gas by the end of the year.

Premier said it plans to fund the acquisitions through a $500 million equity raise, cash resources and, if needed, a $300 million acquisition bridge facility. The company will finalize the equity raise's terms during the first quarter.

Premier also proposed to extend its existing credit facilities to Nov. 30, 2023.

The deals are expected to close at the end of the third quarter, with an effective date of Jan. 1, 2019.