BP initiates talks to sell 28% stake in a North Sea oil field in the UK

According to Bloomberg News on May 18, people familiar with the matter disclosed that BP is in in-depth negotiations with Mercuria Energy Group's Shunfeng Energy Company on the sale of 28% of its shares in the British North Sea Seagull Oilfield.

Sources said that the two companies may reach an agreement in the next few days.

BP also owns the Andrew oil field and another oil field called Fallridge in this block.

A BP representative declined to comment, and Shunfeng Energy did not respond to the request for comment in the first place.

Bloomberg reported in March that several small energy companies expressed interest in these assets after the failed deal with British First Petroleum.

Established in 2016, Shunfeng Energy mainly acquires oil and gas assets divested by large companies.

Zhan Legan, translated from Bloomberg

The original text is as follows:

BP in talks to sell 28% stake in UK North Sea field

BP is in advanced talks to sell its 28 per cent interest in the Shearwater field in the UK North Sea to Tailwind Energy, an explorer backed by trading house Mercuria Energy Group, people familiar with the matter said.

　　The companies may reach an agreement in the coming days, sources said.

　　BP also has the Andrew field, and another project called Vorlich, on the block.

　　A representative for BP declined to comment, while Tailwind didn't immediately respond to a request for comment.

　　After the deal with Premier Oil collapsed, a handful of smaller energy companies had shown interest in the assets, Bloomberg News reported in March.

　　Tailwind was formed in 2016 to acquire oil and gas assets that large companies were offloading from their books.