Energy firm SSE buys gas field stake
- 17 December 2012
- From the section Scotland business
Energy company SSE has bought a 50% stake in the Sean gas field from BP for $288m (£177m) as part of its strategy to increase gas assets.
The deal will give Perth-based SSE access to reserves of about 1.7 billion therms over the life of the field.
The Sean gas field is in the Southern North Sea close to some of SSE's existing upstream assets.
The sale by BP is part of a broader programme of disposing of non-core assets that is doesn't operate itself.
The acquisition of gas assets will help SSE reduce its dependence on the fluctuating wholesale gas market.
David Franklin of SSE said: "We have made clear that SSE is proactively seeking new opportunities to increase our presence in upstream gas sector where assets can be acquired for a fair price, and that is exactly what this deal represents."