LONDON, Dec. 4 (UPI) -- British Petroleum and British Gas Group agreed to a cashless swap of assets in the North Sea to improve BP's position to develop the U.K. continental shelf.
BP acquires BG Group's interests in the southern North Sea, while BG Group acquires BP's stakes in three central North Sea fields. BG Group will also take from BP a 32 percent share in Chevron's Erskine field near the coast of Scotland, BP said in a statement.
"This is an excellent outcome for both companies involved and for sustaining future investment in the North Sea," said Dave Blackwood with BP. "The deal is production neutral, strengthens BP's position in a core area, allows us to operate more efficiently, and therefore to maximize the value of our operations and infrastructure in the southern North Sea."
The asset exchange is valued around $444 million and has a production volume of about 17,000 barrels of oil per day.
The deal requires government approval and is expected to take force in the second quarter of 2009.
