British Petroleum are thought to be looking at the sale of North Sea assets worth £633 million ($1 billion).

The sale is thought to be being considered to help the company ease the financial burdens caused by the Gulf of Mexico oil spill.

The spill, a saga which started in mid April of this year, has cost BP billions of dollars in reparations and clean up.

The sale of North Sea assets should go some way to easing the massive financial loss BP has been encumbered with since the Gulf of Mexico disaster.

The sale is thought to include gas assets in the North Sea basin, where British Petroleum has operated for the last 40 years.

BP has previously stated it is to sell up to $30 billion worth of assets to cover losses from the Deepwater Horizon rig explosion.

BP have been pitching the sell-off to UK-focused energy companies, with Centrica – owner of British Gas, one company being tipped to buy.

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