Offshore staff

ABERDEEN, UK -- BG Group is acquiring ConocoPhillips' equity stakes in the Armada and Everest fields in the UK Central North Sea. The Armada transaction will raise BG's interest as operator to 58.22%. The company is currently developing the 30MMboe Maria field as a satellite tieback to the Armada platform. It also has tieback prospects across the median line in Norwegian waters.

As for Everest, BG's interest will increase to 59.3234%, although BP remains development operator. BG is also buying ConocoPhillips' 16.89% share of Block 22/14a, to the south-west of Everest. Assuming sanction from the UK government, the $143 million acquisition should go through by spring 2007.

12/19/2006