Shell to buy BP's stake in Draugen oil field offshore Norway

Norske Shell agreed to buy BP PLC’s 18.36% nonoperated interest in Draugen oil field offshore Norway in the Norwegian North Sea for $240 million.

Shell operates Draugen. BP’s net production averages some 6,000 b/d of oil. The transaction, subject to regulatory approval, is expected to close by yearend.

With the Draugen announcement, BP has agreed to sell $33 billion in assets since Jan. 1, 2010. BP expects to divest $38 billion in assets during 2010-13.

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