BP to Sell its Interests in Oil and Gas Fields in UK to Perenco - BP Plans to Focus on Central and Northern North Sea, West of Shetland and Norway Assets - Deal Analysis from GlobalData by GlobalData

VIEWS: 11 PAGES: 7

More Info
									         BP to Sell its Interests in Oil and Gas Fields in UK to Perenco
         - BP Plans to Focus on Central and Northern North Sea, West
              of Shetland and Norway Assets - Deal Analysis from
                                     GlobalData
        Reference Code: GDGE0304M&A                                                                                                          Publication Date: May 2011


        1         Table of Contents
        1 Table of Contents.................................................................1        2       BP to Sell its Interests in Oil and Gas
         1.1 List of Tables .................................................................1               Fields in UK to Perenco
         1.2 List of Figures ................................................................1
        2 BP to Sell its Interests in Oil and Gas Fields in UK to
          Perenco ...............................................................................1   2.1    Deal Overview
         2.1 Deal Overview ...............................................................1          Deal Type:                   Asset Transactions
         2.2 Deal in Brief ...................................................................1
         2.3 BP is Divesting its Assets to Focus on Northern North                                   Deal Status:                  Announced
              Sea, Central North Sea, West of Shetland and Norway
              Business Portfolio..........................................................1          Announced Date:               May 17, 2011
         2.4 The Current Sale Allows BP to Reach Closer to its $30
              Billion Assets Divestment Goal......................................3                  2.2    Deal in Brief
         2.5 Perenco Group will Expand its Presence in Europe
              Through the Current Deal ..............................................5               BP p.l.c. (BP) agreed to sell its interests in the Wytch Farm,
         2.6 Deal Financials and Valuations .....................................5                   Wareham, Beacon and Kimmeridge fields, to Perenco UK Ltd.
        3 Appendix ..............................................................................6   (Perenco) for a consideration of up to $610m in cash.
         3.1 Methodology ..................................................................6
         3.2 Contact Us.....................................................................7        The sale enables BP to focus on resources and investment on
         3.3 Disclaimer......................................................................7       its diverse central North Sea, northern North Sea, West of
                                                                                                     Shetland and Norway assets.
        1.1       List of Tables
                                                                                                     The transaction is expected to be completed by the end of
        Table 1: Wytch Farm (PL089), Key Statistics ............................2                    2011, subject to partner pre-emption rights and a number of
        Table 2: Wareham, Details ........................................................2          third party and regulatory approvals.
        Table 3: BP, Divestment Details, July 2010–May 2011 ..........4
        Table 4: Companies Involved ....................................................5
        Table 5: Financials of the Deal ..................................................5          2.3    BP is Divesting its Assets to Focus on
        Table 6: Target Information .......................................................5                Northern North Sea, Central North Sea,
        Table 7: Acquirer Information ....................................................5                 West of Shetland and Norway Business
        Table 8: Vendor Information ......................................................5                 Portfolio
                                                                                                     On May 17, 2011, BP entered into an agreement to sell its
                                                                                                     interests in the Wytch Farm, Wareham, Beacon and
        1.2       List of Figures                                                                    Kimmeridge fields to Perenco for $610m in cash. Perenco has
        Figure 1:  Wytch Farm and Kimmeridge Oil Fields, Location                                    paid $500m to BP. Perenco will pay the remaining $55m upon
                   Map ..........................................................................2   completion of the transaction, expected by the end of 2011,
        Figure 2: BP, UK Operations Map .............................................3               while the balance $55m contingent amount is to be paid on
                                                                                                     submission of the Beacon field development plan and on oil
                                                                                                     prices in 2011-2013. On completion of the divestment, the
                                                                                                     human resources associated with the assets will be transferred
                                                                                                     to Perenco.

                                                                                                     BP is the operator of Wytch Farm oil field and it holds 67.81%
                                                                                                     interest in the field. The other equity interest holders are
                                                                                                     Premier (12.38% stake), Maersk (7.43% stake), Summit
                                                                                                     Petroleum Dorset Ltd (7.43% stake) and Talisman (4.95%
                                                                                                     stake). The field covers Frome, Bridport and Sherwood
                                                                                      
								
To top