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BG Group Increases Sstake in UK North Sea Fields

Source: www.gulfoilandgas.com 12/18/2006, Location: Europe

BG Group has signed Sale and Purchase Agreements with ConocoPhillips (COP) for the acquisition of COP’s equity stakes in the Armada and Everest fields in the Central North Sea.

BG will acquire COP’s 11.45% interest in the Armada field (BG operated), increasing its stake to 58.22%. In the Everest field (BP operated), BG will acquire a further 1.0134% interest taking its total stake to 59.3234%. As part of the agreement BG also agreed to purchase COP’s interest in Block 22/14a (16.89%) which is located to the south west of Everest. Completion of the acquisition is expected in the first quarter of 2007, subject to standard partner and DTI consents. The total consideration is US$143 million.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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