By OGJ editors
HOUSTON, Feb. 14 -- Perence UK Ltd. has inked a deal to acquire from BP PLC a package of its UK Southern North Sea gas production assets for $162 million in cash. The deal includes BP's share in 14 operated fields, associated pipelines, and onshore processing facilities.
The assets
Among the 14 operated fields, Perenco will acquire the following gas fields: Indefatigable, East Leman, Davy, Trent, Tyne, Pickerill, and Waveney. The associated pipelines and onshore processing facilities will include the Bacton terminal. Perenco noted that it wished to operate these assets.
BP's share of combined proven reserves for the fields is 274 bcf of gas and its share or production is 150 MMcfd. Currently, BP produces 750,000 b/d of oil from the UK North Sea
Meanwhile, BP said that it would retain a strong presence in the Southern North Sea, where it will continue to operate nine gas fields, associated pipelines, and the Dimlington and Easington terminals. BP also holds interest in ConocoPhillips-operated Viking, Valiant, and Vulcan fields as well as interests in Royal Dutch/Shell-operated Sean field. BP's production from these fields is 380 MMcfd of gas.
The deal, effective Jan. 1 and expected to be completed by the fourth quarter, is subject to the usual UK regulatory approvals.