ATP buys 'cornerstone' UK North Sea stakes from BP

ATP Oil & Gas Corp. said Thursday that it had finalized the acquisition of two stakes in the southern gas basin of the UK North Sea from BP PLC. The purchase price for the interests, BP's 100% stake in the so-called Block 47/10 Discovery Area and its 50% working interest in Conoco Inc.-operated Venture Field located on Block 49/12a North, was not disclosed.


By the OGJ Online Staff

LONDON, Apr. 5�ATP Oil & Gas Corp., Houston, said Thursday that it had finalized the acquisition of two stakes in the southern gas basin of the UK North Sea from BP PLC. The purchase price for the interests, ATP's first in the province, was not disclosed.

John Tschirhart, ATP's managing director, said his company had bought BP's 100% stake in the so-called Block 47/10 Discovery Area and a 50% working interest in Conoco Inc.-operated Venture Field located on Block 49/12a North.

"These first properties establish a strong cornerstone for future expansion by the company," said Tschirhart.

ATP first announced the purchase and sale agreement for these assets Feb. 26.

Meanwhile, the company today reported that it had chalked up its best-ever financial and operational results in its 10-year history. Compared against 1999 figures, in 2000 ATP's reserves were up 20% to 125.4 bcf; total production increased 41% to 24.5 bcf�about 66.9 MMscfd�and revenues nearly doubled to $84 million.

The company completed its initial public offering Feb. 6.

Tschirhart said ATP's growth strategy hinged on buying into natural gas and oil properties in the US Gulf of Mexico and in the UK southern gas basin with proved undeveloped reserves. "We seek to acquire properties that are economically attractive, but are not strategic to major or exploration-oriented independent oil and gas companies," he said.

More in New Plants