BG and BP seal stake swaps

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Anthea Pitt

 01 September 2009 08:30 GMT

BG Group has tied up an equity swap in the UK North Sea with BP, a move which sees it taking the helm at the Everest and Lomond fields.



The UK gas player now holds BP’s entire equity in the Everest, Lomond and Armada fields and part of BP’s stake in the Erskine field, which is operated by Chevron.

BG also took over operatorship of the Everest and Lomond fields, and will continue to operate the Armada field. It now holds 76.42% of Armada, 80.46% of Everest and has a 83.33% interest in Lomond.

In return, BG Group transferred all of its interests in all fields in the southern sector of the North Sea to BP.

The assets include the Easington…

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