BP's Beatrice, Buchan and Clyde Fields - Sale Completed

abarrelfullabarrelfull wrote on 06 Aug 2012 12:52

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19 August 1996

BP Exploration announced today that it has reached agreement with Talisman Energy regarding the sale for an undisclosed sum of BP's stakes in the North Sea fields Beatrice, Buchan and Clyde.

Subject to the approval of the regulatory authorities and licence partners, Talisman will assume operatorship of these fields on 1 January 1997.

A BP spokesman said: "We received a number of bids for our interest in these fields and they were reviewed against BP's criteria of the bidders' financial strength, technical capability and Health, Safety and Environmental performance.

"Talisman's offer fully met our expectations and we will now begin an intensive transition period to ensure a safe handover of Operatorship."

Notes to Editors:

BP's intention to offer for sale its share in the MAST fields was announced on 14 March 1996.

The Beatrice, Buchan and Clyde fields currently produce around 37,000 barrels a day, of which BP's share is almost 20,000 barrels a day.

The Beatrice field is located on block 11/30a and BP owns 43% of both the field and the associated oil terminal at Nigg. Other partners in Beatrice are Deminex UK Oil & Gas Ltd, Kerr McGee Oil (UK) Plc and International Hunt Oil Company.

The Buchan field is located on blocks 20/5 and 21/1 and BP owns 65% of the field. Other partners in Buchan are Talisman Energy (UK) Ltd, Brabant Petroleum Ltd and Tuskar Resources.

The Clyde field, plus satellites Leven and Medwin, is located on block 30/17b and BP owns 51% of the field. Other partners in Clyde are Shell UK Ltd and Esso Exploration and Production (UK) Ltd.

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