BG ups North Sea stakes

Safe landings: BG at the Armada field

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James MacKenzie

 18 December 2006 13:53 GMT

BG Group said today it has signed a deal worth $143 million with ConocoPhillips to buy equity stakes in the Armada and Everest fields in the central North Sea.

BG will buy ConocoPhillips' 11.45% interest in the Armada field, increasing its stake to 58.22%. In the Everest field, BG will acquire a further 1.0134% interest, taking its total stake to 59.3234%. Both fields are currently operated by BG.

As part of the agreement, BG has also agreed to buy ConocoPhillips' interest in Block 22/14a (16.89%) to the south-west of Everest.

Completion of the acquisition is expected in the first quarter of 2007, subject to standard partner and regulatory consents.

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