BP plans to sell package of UK oil, gas fields

LONDON: BP says it plans to sell stakes in several U.K. oil and gas fields in order to focus its resources and investment on other parts of the North sea.

The London-based company says it is looking to sell all its gas fields in the southern North Sea, including associated pipeline infrastructure and an onshore oilfield in Dorset. Divesting the stakes will allow the company to focus on the central and northern North Sea and assets in Norway, BP said in a statement Monday.

Trevor Garlick, BP North Sea's regional president, said the high-value assets BP hopes to divest have difficulty competing with other parts of the company's portfolio.

BP said it hopes to complete the divestments by the end of 2011, pending receipt of suitable offers and regulatory approvals.