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BP sells North Sea gas pipeline stake for £324m

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BP has old part of it’s share in a UK North Sea project for £324 million.

Antin Infrastructure Partners has bought a 36.22% interest in the Central Area Transmission System (CATS), which transports and processes gas for most of the major producers in the area.

It can handle more than 48 million cubic metres of gas per day and transports around 8% of the UK’s gas demand.

Trevor Garlick, Regional President BP North Sea said: “The North Sea is an important region for BP. Our strategy here is to focus our resources and investment to create an efficient, sustainable and competitive business which will contribute to UK energy security for many years to come.”

Securing the new owner  “will ensure a better long term future” for the project according to BP.

BP is currently the operator of the CATS and expects to complete the transfer before the end of the year.

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