BP to sell Hassi Bir Rekaiz license

BP has invited bids for its 50 % interest in the Hassi Bir Rekaiz license. Previous owner, ARCO made two oil discoveries in the region, which are widely tipped to be a single accumulation in a large structural closure.
The acquisition of BP's operating interest would provide access to over 100 mm barrels of proven and probable reserves with significant upside. Furthermore, necessary infrastructure is already in place in the vicinity of the license.
BP said that it would accept cash or cash equivalent for the license. Swap currencies, including producing assets in BP core areas will also be under consideration. Access to a data room, to be made available in the UK, will be subject to Sonatrach approval and the signing of a confidentiality agreement.