BP Acquires North Sea Acreage

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%.