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BP sells stake in Poole Harbour oilfield to Perenco | BP sells stake in Poole Harbour oilfield to Perenco |
(40 minutes later) | |
BP has sold its 68% stake in western Europe's biggest onshore oilfield - in Poole Harbour, Dorset - to Anglo-French firm Perenco for £375m ($610m). | |
Funds from the sale of Wytch Farm will go towards BP's compensation for the Gulf of Mexico oil spill in April 2010. | Funds from the sale of Wytch Farm will go towards BP's compensation for the Gulf of Mexico oil spill in April 2010. |
Wytch Farm was discovered in the Wessex Basin in 1973 and sits in an Area of Outstanding Natural Beauty. BP bought the site in 1984. | Wytch Farm was discovered in the Wessex Basin in 1973 and sits in an Area of Outstanding Natural Beauty. BP bought the site in 1984. |
The field produces 25,000 barrels a day and employs more than 200 staff. | |
The workers will be transferred to oil and gas firm Perenco. | |
BP has also sold its stakes in the nearby Kimmeridge and Wareham oilfields, as well as its "undeveloped" Beacon site, all around Poole Harbour. | |
The company has pledged to fund compensation for the Gulf of Mexico oil spill through £18.5bn (US $30bn) of asset disposals. | The company has pledged to fund compensation for the Gulf of Mexico oil spill through £18.5bn (US $30bn) of asset disposals. |
A BP spokesman said the sales would allow "better use of money in the UK" to achieve that target. | A BP spokesman said the sales would allow "better use of money in the UK" to achieve that target. |
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