Exchange of interests

News

BG Group has announced the exchange of equity interests in certain North Sea production assets with subsidiaries of BP in a deal valued at £300m.

has announced the exchange of equity interests in certain North Sea production assets with subsidiaries of

.

The Reading-based company said in a statement that it proposes to acquire BP's entire equity in the Everest, Lomond and Armada fields and part of BP's equity in the Erskine field, which is operated by Chevron.

All of the BP fields are located in the central North Sea region.

In return, BG Group will transfer all of its equity interests in fields in the southern North Sea to BP.

The exchange, valued at approximately £300m, is said to be broadly neutral in value and production for both BG Group and BP.

Mark Carne, executive vice-president and managing director, Europe and Central Asia at BG Group, 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.

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