BP raises £687m in North Sea deal

AOL Money Staff

BP has agreed to sell a range of North Sea oil fields to an Arab energy giant in a 1.1 billion US dollar (£687 million) deal.

The British oil giant is selling assets to Taqa, the Abu Dhabi National Energy Company, as it continues to raise cash to pay for the 2010 Gulf of Mexico oil spill, although it insisted it was still a major investor in the North Sea, with plans to invest 10 billion US dollars (£6.7 billion) over the next five years in the region.