Acquired interest in Everest, Lomond, Armada fields in U.K. North Sea.
BG Group (London: BG) has acquired the entire equity in the Everest, Lomond and Armada fields and part of the equity in Erskine Field in the North Sea from BP Plc (NYSE: BP) in exchange for all of its equity interests in all of its fields in the Southern North Sea. BG Group has assumed control of BP's equity in the Everest, Lomond and Armada fields, increasing its equity stake in these fields to 80.46%, 83.33% and 76.42% respectively. In return, BG Group has transferred its exploration and production interests in the Southern North Sea to BP, including the Easington Catchment Area fields (Apollo, Artemis, Mercury, Minerva and Neptune, which are BG Group-operated, and the BP-operated Wollaston and Whittle fields), and the BG Group equity in the BP-operated Amethyst Field. BG Group also became operator of the Everest and Lomond fields. It will continue to operate Armada Field. BG Group executive vice president and managing director, Europe and Central Asia, Mark Carne says, "BG Group believes that significant potential remains in the U.K. 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 agreementâ€¦consolidates and strengthens our U.K. interests in this region and will allow the production efficiency of mature fields to be increased and smaller fields to be developed more economically."