BP, the UK-listed oil and gas giant, has appointed JP Morgan to sell its 10% stake in Ormen Lange, one of the gas fields at the centre of the Royal Dutch Shell reserves storm earlier this year. Analysts said BP's stake is worth around $700m (€560m.)

Shell, which owns 17.04% of Ormen Lange, was ordered by The US Securities and Exchange Commission to restate its total reserves in July, after it was deemed to have overstated future supplies on several oil and gas fields including Ormen Lange.