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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-
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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Media
contacts - UK:
Edel McCaffrey: +44 (0) 118 929 3508
Jo Thethi: +44 (0) 118 929 3110
Out of Hours Media Mobile:
+44 (0) 7917 185 707
Investor Relations
Investor
Relations: +44 (0) 118 929 3025
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.
Copyright � 2009 BG
Group, All rights reserved.
BG Group plc, 100 Thames Valley Park, Reading, Berkshire, RG6 1PT
Registered in England & Wales No. 3690065
VAT: GB 232177091
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