BP and BG agree North Sea asset swap

abarrelfullabarrelfull wrote on 09 Aug 2012 14:09
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20 May 2002

BP and BG Group have agreed the exchange of a package of UKCS assets, including interests in several producing fields and development prospects.
BP will trade its interests in the Elgin/Franklin fields, the Atlantic and Glenelg discoveries and the Neptune field, in exchange for BG's interests in the Brae fields, Braemar discovery, SAGE pipeline system and block 49/30a-N near the Sean field and will receive £21.5 million in cash.

For BP, the deal adds some 8 million barrels of proven, developed reserves in the mid North Sea and helps to consolidate our portfolio and improve productivity in one of our core areas.

The deal is subject to the usual DTI and co-venturer approvals and completion is expected in the next few months.

Notes to Editors

BP acquires from BG

  • 6.2% of East Brae and 7.7% of Brae South, Central, North and the Beinn field, located beneath Brae North
  • 3.85% of the SAGE (Scottish Area Gas Evacuation) system which runs from the Beryl and East Brae platforms to the St Fergus terminal
  • 1% of the Braemar discovery (in Blocks 16/3b and 16/3c)
  • 50% of Block 49/30a-N near the Sean field in the Southern North Sea

BG acquires from BP

  • 1.76% of the Elgin/Franklin fields and infrastructure
  • 18% of the Neptune gas field in the Southern North Sea
  • 75% of the Atlantic discovery (Block 14/26a) in the outer Moray Firth and 41.67% in Blocks 14/26b and 14/27a
  • 14.7% of Blocks 29/4d (Glenelg discovery) and 29/4f.
  • BP is the leading producer of oil and gas in the UKCS, accounting for around 20% of total production
  • The North Sea business contributes 25% of BP's total production (905,000 boed in 2001) of which the UKCS contributes around 780,000 boed.

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