BG Group completes asset exchange with BP
Posted: 1 September 2009
BG Group reported the completion of an exchange of equity interests in certain North Sea production assets with subsidiaries of BP plc.
"BG Group believes that significant potential remains in the UK Continental Shelf," said Mark Carne, BG Group's Executive Vice President and Managing Director, Europe and Central Asia.
"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."
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.
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.
Posted by Richard Price, Editor, EnergyME.com
Information supplied by companies or PR agencies who are responsible for content.
Send press releases to richard@energyme.com |
