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BG Group Considers $1.7 Bln North Sea Operations Sale Reports

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British oil and gas company BG Group is considering selling its largest platforms in the North Sea for 1 billion pounds ($1.7 billion), The Times reported on Thursday, citing unnamed sources.

MOSCOW, July 24 (RIA Novosti) – British oil and gas company BG Group is considering selling its largest platforms in the North Sea for 1 billion pounds ($1.7 billion), The Times reported on Thursday, citing unnamed sources.

According to the newspaper, the company may sell its Armada, Everest and Lomond platforms, as part of its attempts to overhaul its portfolio.

The UK’s third-largest energy producer is cooperating with investment bank Rothschild on the deal. The assets could bring $1 billion to $2 billion and may draw the interest of other companies, such as Perenco, EnQuest and Centrica, with initial bids to start this month, reported Bloomberg, citing people, familiar with the matter.

"We do not respond to rumors and speculations. BG Group has been clear that we plan to take a more active approach to managing our assets," a BG Group spokesman told The Times.

BG Group traces its roots to British Gas, a former state-owned utility that was sold by then British Prime Minister Margaret Thatcher in 1986. On July 11 the company announced it had completed the sale of its 62.78 percent stake in the Central Area Transmission System gas pipeline in the North Sea and associated infrastructure to Antin Infrastructure Partners for about $961 million.

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United Kingdom, oil platform, selling, The Times, Centrica, EnQuest, Perenco, BG Group
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