OIL giant BP has agreed to sell a portfolio of North Sea assets to Premier Oil for $625 million (£475m).

The portfolio includes stakes in the bumper Andrew and Shearwater fields east of Aberdeen.

Ariel Flores, BP North Sea regional president, said the sale formed part of BP’s plan to reshape its portfolio in the basin to focus on core growth areas.

London-based Premier sees long term potential in the assets it is acquiring.