BP Will Auction Netherlands Unit

LONDON —  British Petroleum PLC said it will auction its gas exploration and production holding company in the Netherlands.

BP refused to disclose the estimated value of BP Exploratie BV, a wholly owned subsidiary of British Petroleum Nederland.

The unit holds stakes in 23 offshore blocks and two on shore. Analysts said the offer would fetch $60 million to $70 million.

The fields produce 14 million standard cubic feet of natural gas each day, said a British Petroleum spokesman. The yield is 1.2% of British Petroleum’s world production and 2.1% of the firm’s European production, the spokesman said.

The company added that the fields include two areas being developed that could add 3 million standard cubic feet to the unit’s daily production.

BP said bids have been invited from a small number of firms, which it declined to name.