HispanicBusiness

Oil giant BP has further rejigged its North Sea portfolio by selling minority stakes in two fields to Japan's Mitsui as it focuses on larger projects.

BP is to receive some $280 million (pound(s)179m) for its 13.3% interest in the Alba field and for its near-9% stake in the Britannia field.

Trevor Garlick, regional president for BP North Sea, said: "The divestments are part of our strategy to develop a more focused business in the UK and Norway. "

Earlier this year, BP agreed the sale of southern North Sea assets for $400m to Perenco, expected to complete this year.

However, the company plans to invest pound(s)10bn in UK waters in the next five years with partners on giant developments such as the Clair Ridge field off Shetland.