déc.
04
2008 | BG Group expands operations in the UK North Sea through asset exchange with BP
BG Group plc today announced the exchange of equity interests in certain North Sea production assets with subsidiaries of BP plc (LSE: BP.L).
Subject to satisfaction of certain conditions, BG Group proposes to acquire BP’s entire equity in the Everest, Lomond and Armada fields and part of BP’s equity in the Erskine field, operated by Chevron. All of the BP fields are located in the UK Central North Sea. In return, BG Group will transfer all of its equity interests in fields in the Southern North Sea to BP.
The exchange is broadly neutral in value and production for both BG Group and BP. The value of the exchange is approximately £300 million and will be satisfied solely through the exchange of equity interests in the relevant fields.
BG Group’s Executive Vice President and Managing Director, Europe and Central Asia, Mark Carne said: “This agreement consolidates and strengthens BG Group’s UK Continental Shelf interests. By focusing on material interests in key hubs, we can increase efficiency and economically develop satellite fields. We have also shown with recent high-pressure, high-temperature finds that there is still significant potential in the Central North Sea.”
BG Group will assume control of BP’s equity in the Everest, Lomond and Armada fields, increasing its equity stake in these fields from around 60% to around 80%. BG Group will become operator of the Everest and Lomond fields and will continue to operate the Armada field.
As part of this agreement, BG Group will transfer its exploration and production interests in the Southern North Sea to BP. These include the Easington Catchment Area (ECA) fields (Apollo, Artemis, Mercury, Minerva and Neptune, which are BG Group-operated, and the BP-operated Wollaston and Whittle fields), and the BG Group equity in the BP-operated Amethyst field.
Completion of the exchange is expected towards the middle of next year, subject to regulatory and third party approvals
Source : Communiqué BG GROUP
Voir la fiche de l'entreprise BG GROUP
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