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.