BG Group has announced the completion of an exchange of equity interests in certain North Sea production assets with subsidiaries of BP plc.
With effect from midnight, August 31, 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. 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, August 31, 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."
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