BP wants to focus on North Sea assets

LONDON, Feb. 23 (UPI) -- British energy company BP said it was offloading some assets to focus more on development projects under way in the North Sea.

BP said it wanted to sell some of its oil and gas fields in the United Kingdom to finance operations elsewhere.

The company said in a statement that it was keen to focus its energy on the central and northern parts of the North Sea, west of the Shetland Islands and the Norwegian coast.

Trevor Garlick, regional president for BP operations in the North Sea, said it found reserves there to be of high value.

"The North Sea is a significant business for BP and we are currently investing here at the highest level for more than 10 years, with four major new field development projects under way in the U.K. and two in Norway," he said in a statement.

Executives at Royal Dutch Shell expressed similar sentiments regarding the North Sea, saying while offshore wind energy complemented the regional energy mix, oil and gas would continue to play a role in regional energy markets for many years to come.

BP said it invested more than $2.4 billion in the North Sea last year and plans another $19 billion during the next five years.