The oil giant announced that the British government supported a plan by BP to increase its exploration licenses in the regional waters of the North Sea.
The London head-quartered BP said it had won the seven offshore exploration blocks during the latest licensing round held by the British government, Milton Financials has learned.
BP has committed to selling up to $40 billion in non-core assets to pay for the cleanup of the U.S.'s worst ever oil spill, and to compensate victims, and recently agreed to sell four of its deepwater fields in the Gulf of Mexico to Japan’s Marubeni Corp. for $650 million.
According to the firms latest financial report its $39.9 billion tab for the spill “represented its current best estimate of those costs that can be reliably measured at this time.”
BP’s regional president Trevor Garlick told reporters that strong investments in the North Sea were a boost to the company’s continued success.
"These license awards are a significant success for BP and a further boost to the long-term future of our North Sea business," Garlick said in a statement available to Milton Financials, adding that the North Sea formed part of a strong investment strategy for the region.
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