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BP: sells North Sea assets to Britain's Serica.

(CercleFinance.com) - BP said on Tuesday that it will sell three North Sea fields, three platforms and all the associated subsea infrastructure to Britain's Serica Energy.

Under the terms of the agreement, Serica will make an upfront payment of 12.8 million pounds to BP, along with a share of cash flows over the next four years, a consideration equivalent to 30% of BP's post-tax decommissioning costs and several payments dependent on future asset performance and product prices.

Overall, BP expects to receive payments of around 300 million pounds, most of which will over the next four years.

BP has said that the transaction is an example of its upstream strategy consisting of refreshing the portfolio and focusing the activity on assets which will add most value over the long-term.

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