The main features of the exchange package - which included producing fields, pre-sanction assets and exploration acreage - were the transfer to BP of all BG's interests in the Brae fields, and the transfer to BG of all BP's interests in the Atlantic, Elgin/Franklin and Neptune fields.
The transaction, which involved a payment from BG to BP of £21.5 million in cash, helps consolidate BG's UKCS assets and also provides development opportunities.
As a result of the exchange, BG has assumed the operatorship of the Atlantic field, and is currently reviewing options for its planned joint development with the Cromarty field, operated by Amerada Hess.
Under the exchange, BG has acquired from BP:
BP has acquired from BG:
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