Gas prices: ‘We’re starting to see demand destruction’, says expert

Reuters

BP seeks to sell shut-down North Sea oilfield, riding wave of demand -sources

BP is seeking buyers for its shut-down Foinaven oilfield in the North Sea, hoping Britain’s renewed focus on domestic production will attract buyers interested in extracting the field’s remaining reserves, industry sources said. BP halted production at the Foinaven field west of the Shetland islands last year after 25 years of activity and is preparing to dismantle its floating production vessel. It is unclear how much money BP could get from the Foinaven field, if any, given the clean-up, or decommissioning, costs that would have to be negotiated, the sources said.