May 2016, Vol. 243, No. 5

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BP To Sell Minority Stake In Forties Pipeline

Oil Major BP is reportedly considering the sale of a minority stake in the Forties pipeline in the North Sea. The company said that it opened negotiations with potential buyers but failed to reveal details on the sale. The pipeline system is capable of carrying and processing some 1 million barrels of oil per day from 50 North Sea oil fields. Earlier this month, BP officials said they had been refreshing its North Sea portfolio by bringing new fields into production, redeveloping and renewing existing producing facilities and divesting some of its more mature or less strategic assets. For this year, BP intends to divest assets worth $3 billion to $5 billion to lower its debt. On Monda

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