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BP, GDF Suez Look To Exit North Sea Gas

BP and GDF Suez are separately seeking to divest their stakes in two gasfields in the North Sea.

BP and GDF Suez are separately seeking to divest their stakes in two gasfields in the North Sea, Financial Times reports. The U.K. oil group intends to offload its 27.5% interest in the Shearwater gas field for an estimated figure of nearly £184 million. The sale will help pay for the costs related to the Gulf of Mexico spill from the previous year.

GDF Suez has put its 10.4% ownership in West Franklin up for sale in the U.K. for an estimated £525 million. The French utility holds its stake through its shareholding in Elgin Franklin Oil & Gas, a joint venture with France’s Total.

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