With a renewed focus on its core upstream business, BP has agreed to sell its share of the Central Area Transmission System (CATS), a major piece of the North Sea gas pipeline system, to majority shareholder Antin Infrastructure Partners for £324m.

The system includes a 250 mile long gas pipeline between the Everest field and a gas terminal at Teesside in England, meeting 8 percent of the UK demand for natural gas.

Up to now BP has served as the operator of CATS.

BP North Sea regional president Trevor Garlick said: "The North Sea is an important region for BP.

"Our strategy here is to focus our resources and investment to create an efficient, sustainable and competitive business which will contribute to UK energy security for many years to come.

"Key elements of this are the completion of our major projects in the central North Sea and Shetland area, and continued management of our portfolio. Cats has been a great business for BP but, aligned to the recommendations of the Wood Review, we believe securing this new owner will ensure a better long-term future for this key piece of North Sea infrastructure."