BP sells its stake in natural gas midstream assets in the U.K. North Sea

BP will raise $486 million selling its stake in a natural-gas transportation system in the U.K. North Sea. BP owns about 36 percent of CATS and is the operator. The London-based company, shoring up its balance sheet after the Gulf of Mexico oil spill in 2010, follows Chevron Corp. and Royal Dutch Shell in selling non-drilling infrastructure to raise funds. It has offloaded more than $4 billion of assets in a $10 billion sale program planned for 2014 and 2015. The buyer is Antin Infrastructure Partners, a Paris-based fund, which is expanding its ownership of CATS after buying BG Group Plc