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Perenco is pleased to announce the further strengthening of its position in the UK North Sea with the acquisition of BP's interest in the Southern Gas Assets (SGA), including:
* The Cleeton stream fields (including Wollaston, Whittle, Ravenspurn North, Ravenspurn South)
* The West Sole stream fields (including West Sole, Hyde, Hoton, Newsham)
* The Amethyst field
* Dimlington terminal
* Hessle office
SGA manned platforms are: West Sole Alpha; Ravenspurn North; and Cleeton.
SGA normally unmanned installations (NUIs) are: Apollo/Minerva (M1); Mercury; Neptune; Wollaston & Whittle; West Sole B & C; Ravenspurn South; Amethyst (C1D, A1D, A2D & B1D); Hyde; Hoton; and Newsham.
Current net BP production from the SGA assets totals some 25,000 barrels of oil equivalent a day (boed).
This announcement follows the completion of other successful transactions with BP, including the 2011 acquisition of BP's interest in Wytch Farm and, in 2003, BP's interest in the Bacton Gas Terminal and a portfolio of gas fields in the Southern North Sea around the Indefatigable shelf.
Commenting on today's announcement, Eric Faillenet, General Manager Perenco UK, said:
"We are very pleased to have reached this agreement with BP. It marks a natural extension of our UK North Sea portfolio and plays to Perenco's core strength of maximising the value of mature fields. Today's news comes shortly after the completion of the acquisition of Wytch Farm, also from BP and, upon completion, we look forward to welcoming the BP team into Perenco and to many years of further production from these assets."
The acquisition remains subject to certain regulatory and third party approvals.
For further information:
Nicolas de Blanpré +33 (0) 1 53 57 66 97
Pelham Bell Pottinger PR
Mark Antelme +44 (0)20 7861 3232