BP plc (ADR) (BP) Makes Fresh Investments in the North Sea

Statoil is not the only other company investing in Shetland offshore area. Talisman Energy Inc. (USA) (NYSE:TLM) has also decided to invest $2.4 billion in the area. The company completed asset sales amounting to $2.5 billion, that had an effect on its production which remained flat at 426,000 barrels of oil equivalent per day. Talisman Energy Inc. (USA) (NYSE:TLM) reported an income of $376 million for the fourth quarter of 2012, compared to a loss of $117 million for the same period last year.

Foolish bottom line

BP plc (ADR) (NYSE:BP) has been selling off its depleted assets in the North Sea to acquire unexplored reserves. Given the loss incurred by BP plc (ADR) (NYSE:BP) in the Gulf of Mexico oil spill incident, moves like this are required in plenty to solidify its financial position and increase field life.

The cost of the spill is still increasing a lot more than what was initially expected. With a share buyback plan announced, BP plc (ADR) (NYSE:BP) is trying its very best to maintain the value of its shares. And we expect a lot more to be in store. Let’s not take our eyes off the stock.

The article BP Makes Fresh Investments in the North Sea originally appeared on Fool.com and is written by Satarupa Bose.

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