BP p.l.c. (LSE:BP.) is considering selling its stake in the Shearwater Group PLC (AIM:SWG) assets in the North Sea as it focuses on new projects in the area and expands in U.S. shale, according to people familiar with the matter. BP has contacted potential buyers, the people said. It doesn't want to pump money into the project, in which it owns about 28%, at the same pace as operator Royal Dutch Shell plc (ENXTAM:RDSA), one of the people said, asking not to be named because the matter is private.

A sale could be worth several hundred million dollars, two of the people said. BP has said it will sell as much as $6 billion of other mostly mature assets to pay down debt taken for the purchase. Spokesmen for BP and Shell declined to comment.

Shell owns 28% of the Shearwater and is the operator. Exxon Mobil Corporation (NYSE:XOM) has a 44.5% stake. Exxon declined to comment.