BP Sells North Sea Assets

LondonBP is ending 60 years of North Sea production.

The five hubs being sold carry decommissioning obligations UK tax relief partly refunds; ageing basin assets have gone before to thinly capitalised buyers unable to cover well-plugging costs later.

Whoever buys BP’s stake inherits that abandonment bill, due whenever the fields stop producing.

Sources: BBC, Reuters, Yahoo! Finance