By Ian Walker

BP PLC (BP.LN) said Tuesday that it is selling its interests in the Andrew area in the central U.K. North Sea and its nonoperating interest in the Shearwater field to Premier Oil PLC (PMO.LN) for $625 million.

The oil major said the sale is part of the company's planned $10 billion asset-divestment program, and its focus on core growth areas in the North Sea.

The sale is expected to complete by the end of the third quarter of this year, the company said.

BP operates the Andrew assets and has a 27.5% stake in the Royal Dutch Shell PLC (RDSA.LN)-operated Shearwater field.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

January 07, 2020 02:46 ET (07:46 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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