- BP (BP +0.8%) says it is in talks with Ineos to sell the Forties pipeline system, the North Sea's largest and oldest oil pipeline system.
- Both companies have confirmed the talks, which first emerged a year ago but were believed to have collapsed last summer amid a disagreement over how to price the assets.
- The Forties system is made up of ~100 miles of pipeline and transports ~450K bbl/day of oil, the equivalent of 40% of the U.K.'s production from the North Sea.