By OGJ editors
HOUSTON, Apr. 24 -- The UK-based BG Group agreed to sell a package of its UK gas properties in the Southern North Sea gas to European independent Perenco for $135 million in cash. The sale includes BG's interest in 11 nonoperated fields.
This is Perenco's second acquisition this year of UK Southern North Sea assets. Perenco UK Ltd. is acquiring from BP PLC a package of gas assets for $162 million in cash. The deal includes BP's share in 14 operated fields, associated pipelines, and onshore processing facilities (OGJ Online, Feb. 27, 2003).
Fields included in the BG deal are Indefatigable (Inde) and South West Inde, Bessemer, Bell, Baird, Beaufort, Brown, East Leman, Boyle, Davy, and North Davy. The transaction also includes BG's interest in the Inde and Leman joint facilities, and onshore processing facilities, including the Bacton terminal.
As of Dec. 31, BG's share of proved gas reserves for the fields was 25.2 million boe. Its 2002 production share was 93 MMscfd.
Jon Wormley, BG's UK executive vice-president, said the sale was "part of BG's ongoing strategy to rationalize its UK portfolio, and to capture value for shareholders. It will also allow us to concentrate on the North Sea assets where we have greater control. BG remains committed to the UK."
Closing is expected by Dec. 31, pending regulatory approvals.