BP today announced that it has reached agreement to acquire acreage interests from Chevron in the UK Central North Sea containing the Arundel and Kidd discoveries and further exploration potential.
As a result of this deal, which is subject to DTI approval, BP will increase its interest in License P103 (Block 16/23 South) and entering License P240 (Block 16/22 Arundel). BP will also become Operator of both blocks upon completion of the transaction. These interests will be acquired in exchange for 2.2% of BP’s interest in the Alba field which will be reduced from 15.5% down to 13.3%.