BP Will Auction Netherlands Unit
British Petroleum PLC said it will auction its gas exploration and production holding company in the Netherlands.
BP refused to disclose the estimated value of BP Exploratie BV, a wholly owned subsidiary of British Petroleum Nederland.
The unit holds stakes in 23 offshore blocks and two on shore. Analysts said the offer would fetch $60 million to $70 million.
The fields produce 14 million standard cubic feet of natural gas each day, said a British Petroleum spokesman. The yield is 1.2% of British Petroleum’s world production and 2.1% of the firm’s European production, the spokesman said.
The company added that the fields include two areas being developed that could add 3 million standard cubic feet to the unit’s daily production.
BP said bids have been invited from a small number of firms, which it declined to name.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
