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BG Group has acquired BP's entire equity in the Everest, Lomond and Armada fields and part of its equity in the Erskine field, operated by Chevron.
In return, BG Group transferred its entire equity interests in all fields in the Southern North Sea to BP. BG Group's managing director for Europe and Central Asia, said:“BG Group believes that significant potential remains on the UK continental shelf.
“While it is a mature basin, it is still a highly promising area and we remain one of the most active players. This agreement demonstrates our commitment to the UKCS. It consolidates and strengthens our UK interests in this region and will allow the production efficiency of mature fields to be increased and smaller fields to be developed more economically.”
