The energy company had an option to buy a majority share (50.495 per cent) in the firm developing the project, Islandmagee Storage Limited (IMSL).
Following a review of its European gas assets portfolio BP Gas Marketing (BPGM) said it was no longer interested in exercising the option to buy the stake in the facility.
The two remaining partners in the project, infrastructure company Mutual Energy and oil and gas company InfraStrata, need a new investment partner with the capital to help the project progress, and are starting the process of finding a new investor.
Andrew Hindle, chief executive of InfraStrata said he was “disappointed” at the decision by BPGM but appreciate their financial support over the past two years “which has enabled the project to be developed significantly”.
He added drilling at the site is still due to take place at the end of the year and that the money already invested by BP in IMSL will cover the company’s existing commitments and to secure the project until there is a new investor.