BP has reportedly relaunched the sale of stakes in a number of North Sea oil fields it agreed to sell to Premier Oil before the company was taken over by Chrysaor last year.
BP has reportedly relaunched the sale of stakes in a number of North Sea oil fields it agreed to sell to Premier Oil before the company was taken over by Chrysaor last year.
In June 2020 Premier Oil signed sale and purchase agreement (SPAs) with BP for the acquisition of BP’s interests in the Andrew Area and its Shearwater assets.
Premier agreed to pay BP $210 million upon completion for the BP Acquisitions. In addition, up to a further estimated $115 million would become payable by Premier to BP based on higher future oil and gas prices. This further consideration was to have been funded from the revenues of the acquired assets.
BP was to retain 100% of the existing Shearwater abandonment costs and 50% of the existing Andrew Area abandonment costs resulting in an estimated $240 million (pre-tax) of abandonment obligations to be taken on by Premier.
However, the transaction was abandoned when Pemier was taken over by Chrysaor in October 2020.
