1st Sep 2009 09:00
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News Release |
1 September, 2009
BG Group completes UK North Sea asset exchange with BP
BG Group today announced the completion of an exchange of equity interests in certain North Sea production assets with subsidiaries of BP plc (LSE: BP.L).
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 (NYSE: CVX). 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.
BG Group's Executive Vice President and Managing Director, Europe and Central Asia, Mark Carne said: "BG Group believes that significant potential remains in the UK Continental Shelf. 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."
-ends-
Notes to Editors:
With effect from midnight 31 August 2009, BG Group has assumed control of BP's equity in the Everest, Lomond and Armada fields, increasing its equity stake in these fields - Armada 76.42%; Everest 80.46%; and Lomond 83.33%.
In return, BG Group has transferred 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.
The exchange of assets was between subsidiaries of BG Group (BG International Limited, BG International (CNS) Limited, BG International (NSW) Limited and BG North Sea Holdings Limited) and subsidiaries of BP (BP Exploration Operating Company Limited, Amoco U.K. Petroleum Limited and Amoco (U.K.) Exploration Company).
About BG Group
BG Group plc (LSE: BG.L) is a world leader in natural gas, with a strategy focused on connecting competitively-priced resources to specific, high-value markets. Active in 27 countries on five continents, BG Group has a broad portfolio of exploration and production, Liquefied Natural Gas (LNG), transmission and distribution and power generation business interests. It combines a deep understanding of gas markets with a proven track record in finding and commercialising reserves. For further information visit: www.bg-group.com
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Contact:
Edel McCaffrey: +44 (0) 118 929 3508 [email protected]
Jo Thethi: +44 (0) 118 929 3110 [email protected]
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There are matters discussed in this media information that are forward looking statements. Such statements are only predictions and actual events or results may differ materially. For a discussion of important factors which could cause actual results to differ from the forward looking statements, refer to BG Group's annual report and accounts for the year ended 31 December 2008. BG Group does not undertake any obligation to update publicly, or revise, forward looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required.
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