BP and BG Group agreed to exchange a package of assets, including interests in several producing fields and development prospects in the UK North Sea. BP plans to trade its interests in the Elgin/Franklin fields, the Atlantic and Glenelg discoveries, and the Neptune field in exchange for BG's interests in the Brae fields, Braemar discovery, SAGE pipeline system, and block 49/30a-N near the Sean field. BG is scheduled to receive $31.4 million in cash.
BP is scheduled to receive some 8 MMbbl of proven, developed reserves in the mid North Sea.
The deal is pending UK, Department of Trade and I
ndustry and co-venturer approvals. Completion is expected in the next few months.
