BP has opened talks with buyers over its North Sea business, and sale papers value the package at £2.5 billion, The Telegraph reports.
Rystad analysts named Neo Next+, Adura and Ithaca Energy as the likely buyers, according to the paper. Rather than split the assets, BP is looking for one buyer able to pay cash for its whole UK North Sea business. Those analysts rate Neo Next+ the early front-runner.
Neo Next+ recently bought BP's stake in the Culzean gas field, also in the North Sea. Serica said earlier this month it was looking for "further opportunities" in the North Sea, after posting strong results for the first half of the year.
BP said last month that it plans to leave the North Sea, ending a 60-year presence in the basin. BP has now sent prospective buyers a confidential information memorandum, giving them access to geological and other data under non-disclosure agreements, The Telegraph reports.
In broader markets, the FTSE 100 climbed 12 points to 10,777 shortly after the open, while Brent crude fell 0.14% to $88.40 a barrel.
