BP Adds In Gyda Field Stake

BP Norge AS, operator of the Gyda field, has signed an agreement for the acquisition of Norske Moeco A/S' five percent share in the field. Gyda is situated in blocks 2/1 and1/3 in production licenses 019B and 065, was discovered in 1980 and came on stream in June 1990. The field was developed with an integrated steel platform, standing in 66 meters of water. Oil is piped to Teeside in the United Kingdom, via the Ula platform and the Ekofisk-Center. Gas, meanwhile, is piped to the Ekofisk Center, and sold to the Phillips group. In addition, the satellite field Gyda South got the green light from the authorities in 1993 and started production in 1995.

Remaining recoverable resources in Gyda and Gyda South on January 1, 2002 was estimated at 3.8 million cubic meters of oil, 0.6 billion cubic meters of gas and 0.1 million tons of condensate.

Shareholders after the transaction are: BP Norge AS with 61%; DONG Norge AS with 34%; Norske AEDC A/S with the remaining 5%. The deal is pending the Norwegian authorities’ approval. ©

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