BP Fulfils EC Undertaking With Gas Sale To Tullow Oil

abarrelfullabarrelfull wrote on 09 Aug 2012 13:15
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02 April 2001

BP announced today that it has completed the sale of certain UK Southern North Sea gas assets to Tullow Oil Plc. The sale fulfils undertakings BP made to the European Commission at the time of the Atlantic Richfield (ARCO) acquisition, completed in April 2000.

The sale is of ARCO's share in the Thames, Hewett and Welland producing fields and their associated pipelines and terminal interests. It follows the completion in February of the sale of ARCO's share of the Murdoch and Boulton gas fields and ARCO's interest in the Caister-Murdoch system to Tullow. BP first announced these sale agreements in July 2000.

Steve Marshall, BP's Regional President in charge of UK upstream said: "We are delighted to have completed this sale to Tullow in fulfilment of the commitment given to the European Commission at the time of the ARCO purchase. We will assist Tullow and its partners to ensure a safe and efficient transfer of these important North Sea fields.”

Notes:

In addition to these assets, BP is also in the process of selling to Tullow the Orwell and Gawain fields, which are satellites to Thames, and some additional exploration licences. Completion of the sale of Gawain is anticipated in the next few weeks and completion of the sale of Orwell is anticipated in the next few months. In total Tullow is set to pay BP some £201 million ($287 million) for the package of assets with an effective date of 1 January 2000.

In the short term ARCO will continue to operate Thames, Welland, Gawain and Orwell on behalf of the co-venturers. It is anticipated that ExxonMobil will assume operatorship of Thames, Welland and Gawain. Operatorship of Orwell is yet to be decided. A further announcement will be made when these matters are finalised.


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