BP To Sell Giant Onshore Field

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BP, Europe's second-largest oil company, said it is looking to sell its two-thirds stake in Wytch Farm, the U.K.'s largest onshore oilfield, and stakes in the neighboring Kimmeridge and Wareham and oilfields as part of its plant to divest $30 billion in assets.

BP (BP) has been steadily selling assets across the globe to raise cash for its financial liabilities tied to the 2010 Gulf of Mexico oil spill. BP said there was already a number of interested parties looking to take over the operations, the BBC reported.

BP said it is selling the assets so it can focus on projects it views as higher priorities in the North Sea. Press reports did not mention potential buyers for the Wytch Farm assets. The company said it believes the assets are of ''high value'' and are better suited for another company that will focus on them more.

''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,'' BP North Sea Vice President Trevor Garlick said.