BP to sell Gyda Field interests to Talisman

BP announced yesterday that it has agreed to sell its 61 per cent share of the North Sea Gyda oil field to Talisman Energy Norge for $90 million.

BP announced yesterday that it has agreed to sell its 61 per cent operated share of the Gyda field to Talisman Energy Norge, a wholly owned subsidiary of the Canadian based company Talisman Energy Inc, for $90 million.

The sale is subject to Norwegian regulatory consent and other approvals. The companies expect that the deal will be completed by the fourth quarter of 2003.

The transaction also includes BP’s share of the Gyda gas pipeline and its full 45 per cent share of the adjacent exploration license PL 019 C.

In January 2003 the Gyda field’s remaining gross booked recoverable reserves 23.2 million barrels of oil equivalent (boe). Current gross production is approximately 13,000 boe per day.

‘The admission of a new entrant into the Norwegian Continental Shelf can only benefit the province as it matures. This is also aligned with the desire of the Norwegian authorities to have a greater diversity of companies to the region,’ commented Scott Kerr, head of BP’s Norwegian Business Unit.

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