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BP sells Colorado gas and oil field stake to European firm

November 27, 2019 GMT

DURANGO, Colo. (AP) — BP American Production Co. says it has sold its stake in a Colorado natural gas and oil field to a European company.

The Durango Heralds reports the energy company agreed to a sale of its San Juan Basin assets to IKAV for an undisclosed amount.

The IKAV website indicates the company with offices in western Europe specializes in managing energy efficiency assets including renewable energy projects.

An IKAV representative declined to comment Wednesday and there was no immediate indication of its plans for the natural gas field in southwest Colorado and northern New Mexico.

BP announced plans in August 2018 to pull out of the San Juan Basin to divest up to $6 billion to purchase shale oil and gas assets in other U.S. regions.

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Information from: Durango Herald, http://www.durangoherald.com