Expert says BP deal is part of inevitable North Sea restructuring
ByKeith Findlay
BP’s move to double its stake in the £3billion Culzean gas development will be followed by other UK North Sea deals to put asset ownership “in the right place”, an oil and gas expert said last night.
Martin Findlay, senior partner in the Aberdeen office of KPMG, was speaking after BP announced it was buying a 16% interest in Culzean from Japan’s JX Nippon.
It takes the UK oil and gas giant’s stake in the field to 32%, while JX Nippon still owns 18.01%. The other partner, with a 49.99% stake, is operator Maersk Oil.
