BP plc (NYSE:BP) has agreed to sell its non-operated interest in Draugen to Norske Shell.

BP To Sell Draugen Stake

The oil and gas major BP plc (NYSE:BP) has struck a $240 million deal with AS Norske Shell to sell 18.36 percent non-operated interest in the Norwegian oil field Draugen.

The company expects to close the deal by the end of 2012 after getting regulatory approval.

Rebecca Wiles, the managing director for BP plc (NYSE:BP)’s Norway operations, said, “BP plc (NYSE:BP) is a significant investor in Norway and is in the final stages of completing two major projects, the Skarv field and the re-development of the Valhall field, which will greatly increase our production from the country. These investments, together with our continuing operation of the Ula field, underline our long term commitment to Norway”.

BP plc (NYSE:BP) shares were at 42.58 at the end of the last day’s trading. There’s been a 9.7% change in the stock price over the past 3 months.

BP plc (NYSE:BP) Analyst Advice
Consensus Opinion: Moderate Buy
Mean recommendation: Error
(1=Strong Buy, 5=Strong Sell)
3 Months Ago: Error
Zack’s Rank: 2 out of 18 in the industry