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BP sells off North Sea gas stake for 642 million pounds.
Knight Ridder/Tribune Business News, November, 2004
Daily Mail, London Knight Ridder/Tribune Business News
Nov. 24--BP sold its 10.3 percent stake in North Sea gas field Ormen Lange for 642 million pounds to Danish group Dong. BP said it wanted to quit the field in October because it lacked control.
Shell and Norway's Norsk Hydro and Statoil retain stakes. Ormen Lange will be crucial to UK gas needs once it comes onstream in
2007. It was one of the fields named by Shell in a reserves scandal earlier this year.
Meanwhile, Shell has adopted new accounting rules ahead of a January EU deadline to make corporate accounts more transparent and has cut 2.6 billion pounds from its 2004 retained earnings.
Shell's net assets were slashed by 2.5 billion pounds to 38.5 billion...
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