BG Completes Sale of North Sea Assets to Perenco

BG Group has completed the sale of a package of its North Sea assets to Perenco for $135 million. The sales was announced in April of this year.

The sale includes BG’s interests in 11 non-operated fields – Indefatigable (Inde) and South West Inde, Bessemer, Bell, Baird, Beaufort, Brown, East Leman, Boyle, Davy and North Davy. It also includes BG’s interests in the Inde and Leman joint facilities, as well as the site and onshore processing facilities at Bacton in North Norfolk. The sale is effective from January 1, 2003.

The disposal formed part of BG’s strategy to rationalize its UK portfolio, thus allowing it to concentrate on its core interests there.