BG and BP agree North Sea swap

A British Petroleum (BP) sign is seen at a petrol station in south London July 29, 2008. British oil major BP Plc posted a 61 percent jump in underlying second-quarter profit thanks to high oil prices, beating analysts expectations and boosting the company's shares. REUTERS/Dylan Martinez (BRITAIN)

REUTERS/DYLAN MARTINEZ

Anthea Pitt

 03 December 2008 11:44 GMT

UK outfit BG Group is poised to take BP's stakes in the Everest, Lomond and Armada fields, as well as a portion of the supermajor's interest in the Erskine field, under the terms of an asset swap unveiled today.



In return, BP will take BG's stakes 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.

BG said in a statement that the swap, worth about £300 million ($447.1 million), is broadly neutral in value and production for both companies.

Meanwhile, BP said the swap would strengthen its position as a major operator in the southern sector of the UK North Sea.

The deal involves around 90 BP staff transferring to BG.

The agreement is subject to regulatory…

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