BP has agreed to sell a range of North Sea oil fields to an Arab energy giant in a 1.1 billion US dollar (£687 million) deal.
The British oil giant is selling assets to Taqa, the Abu Dhabi National Energy Company, as it continues to raise cash to pay for the 2010 Gulf of Mexico oil spill.
BP insisted it was still a major investor in the North Sea, with plans to invest 10 billion US dollars (£6.7 billion) over the next five years in the region.
The sale means BP has now sold 37 billion US dollars (£23 billion) of assets under plans to raise 38 billion US dollars (£24 billion) by the end of 2013 following the Deepwater Horizon explosion, which killed 11 workers and caused the worst oil spill in US history.
The deal is expected to complete in the second quarter of next year, subject to regulatory approvals.