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BP and BG agree North Sea asset swap

Reuters

Wed Dec 3, 2008 6:32am EST
LONDON, Dec 3 (Reuters) – BP (BP.L: QuoteProfileResearchStock Buzz) said on Wednesday it has agreed to an asset swap with UK gas producer BG Group (BG.L: QuoteProfileResearchStock Buzz) which would strengthen its position as a major operator of fields in the southern region of the UK North Sea.

BP said it is to acquire BG’s interests in a number of fields including the BP-operated Amethyst, Whittle and Wollaston fields and all of BG’s interests in the Easington Catchment Area fields.

In return, BG Group is to get BP ‘s interests in three fields in the central North Sea region — the BP-operated Everest and Lomond fields, and the BG-operated Armada field. BG has also agreed to acquire 32 percent of the Chevron (CVX.N: QuoteProfileResearchStock Buzz) -operated Erskine field from BP.

BP said the respective equity interests will be exchanged without any cash payment.

The deal involves around 90 BP staff transferring to BG.

The agreement is subject to regulatory approval and is expected to complete in the second quarter of next year.

(Reporting by Matthew Scuffham; Editing by Greg Mahlich)

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