Perenco acquires BP's operated Southern Gas Assets for US$400 million
BP has announced the divestment of its operated fields in the UK Southern Gas Basin, including the Dimlington terminal, to Perenco for a consideration of US$400 million. A tax loss position of US$280 million will also be acquired by Perenco. Perenco has made an initial cash payment of US$100 million, with US$300 million payable on completion of the deal. A further US$10 million payment is contingent on future gas prices. In addition, BP will retain a 90% interest in the deeper ...