BG Group completes UK North Sea asset exchange with BP

abarrelfullabarrelfull wrote on 09 Jul 2012 06:19

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1 September, 2009

BG Group today announced the completion of an exchange of equity interests in certain North Sea production assets with subsidiaries of BP plc (LSE: BP.L).

With effect from midnight 31 August, 2009, BG Group acquired BP’s entire equity in the Everest, Lomond and Armada fields and part of BP’s equity in the Erskine field, operated by Chevron (NYSE: CVX). In return, BG Group transferred all of its equity interests in all fields in the Southern North Sea to BP.

BG Group also became operator of the Everest and Lomond fields, with effect from midnight 31 August, 2009. It will continue to operate the Armada field.

BG Group's Executive Vice President and Managing Director, Europe and Central Asia, Mark Carne said: "BG Group believes that significant potential remains in the UK Continental Shelf. While it is a mature basin, it is still a highly promising area and we remain one of the most active players. This agreement demonstrates our commitment to the UKCS. It consolidates and strengthens our UK interests in this region and will allow the production efficiency of mature fields to be increased and smaller fields to be developed more economically."

Notes to Editors:

With effect from midnight 31 August 2009, BG Group has assumed control of BP’s equity in the Everest, Lomond and Armada fields, increasing its equity stake in these fields - Armada 76.42%; Everest 80.46%; and Lomond 83.33%.

In return, BG Group has transferred its exploration and production interests in the Southern North Sea to BP. These include the Easington Catchment Area (ECA) fields (Apollo, Artemis, Mercury, Neptune and Minerva, which are BG Group-operated, and the BP-operated Wollaston and Whittle fields), and the BG Group equity in the BP-operated Amethyst field.

The exchange of assets was between subsidiaries of BG Group (BG International Limited, BG International (CNS) Limited, BG International (NSW) Limited and BG North Sea Holdings Limited) and subsidiaries of BP (BP Exploration Operating Company Limited, Amoco U.K. Petroleum Limited and Amoco (U.K.) Exploration Company).

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