The £68 million deal will see oil giant EnQuest secure a 25% stake in the Magnus field, along with a 3% interest in the SVT on Shetland.
Around 100 BP staff currently associated with Magnus, along with 340 with SVT, are expected to transfer to EnQuest
In addition, the deal includes 25% of BP's interests in a number of associated pipelines.
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EnQuest Chief Executive Officer, Amjad Bseisu, said: "This transaction capitalises on EnQuest's strengths in realising value from the management of maturing oil fields, as underlined by BP's confidence in proposing a change of operatorship to EnQuest. Magnus is a good quality reservoir; it has large volumes in place, with potential for infill drilling and for the revitalisation of wells, and scope for field life extension."
Unite regional officer John Boland said: "When transfers like this happen, there is often a concern about potential job losses. We strongly hope that is not the case here, and we will be talking with BP and EnQuest to get a clear idea of their plans for the future so our members are fully informed."
(LM/MH)
