Premier Oil to sell North Sea Pipeline Stake
Premier Oil Plc will sell its 30 percent stake in a North Sea pipeline to UK gas infrastructure company CATS Management Ltd for up to 23.6 million pounds ($31.68 million), it said on Monday. The Esmond Transportation System (ETS) pipeline, currently operated by Perenco UK Limited transports gas from Esmond Area fields to the Bacton gas terminal on the North Sea coast in Norfolk. CATS will make an initial upfront payment of 21 million pounds payable on deal completion, which is currently expected in the first half of 2018. It will pay up to 2.6 million pounds more if milestones related to development of the Pegasus field are achieved…
BP to Sell CATS Business To Antin Infrastructure
BP today announced it has agreed to sell its equity in the Central Area Transmission System (CATS) business in the UK North Sea to Antin Infrastructure Partners for £324 million ($486 million). BP is currently the operator of CATS. The agreement comprises a payment on completion of £302 million ($453 million) and a deferred amount of £22 million ($33 million), subject to certain post-closing adjustments. Trevor Garlick, Regional President BP North Sea said: “The North Sea is an important region for BP. Our strategy here is to focus our resources and investment to create an efficient…
BP to sell UK Gas Pipeline Stake
BP has agreed to sell its stake in one of Europe's biggest gas pipelines to Antin Infrastructure Partners for 324 million pounds ($486 million), giving the fund near full ownership of the asset after it bought out BG last year. The sale of the Central Area Transmission System (CATS), which is expected to conclude before the end of the year, is a next step in BP's $10 billion 2014-2015 disposal programme. CATS is a combination of pipeline and processing facilities that transport gas from a cluster of North Sea fields to an onshore receiving terminal in Britain's Teesside.
BP to Sell Stake in Major North Sea Gas Pipeline
Oil major BP has put up for sale its stake in one of Europe's biggest natural gas pipelines in the North Sea as part of its ongoing asset disposal programme. BP holds a 36 percent interest in the 404-kilometre subsea Central Area Transmission System (CATS) that runs through the central sector of the British North Sea. The pipeline pumps up to 1.7 billion cubic metres of gas a day from UK North Sea fields, more than eight times Britain's average daily gas demand. "In December, BP announced the intent to sell our equity in the CATS business," the company said in a regulatory filing on Tuesday.
BG Group Completes Sale in CATS
BG Group today announced it had completed the sale of its 62.78% equity interest in the Central Area Transmission System (CATS) gas pipeline in the UK North Sea and associated infrastructure to Antin Infrastructure Partners. Total proceeds from the transaction, announced on 17 June 2014, are up to £562 million, or approximately $961 million at current exchange rates, comprising a payment on completion of £523 million and a deferred amount up to £39 million. A post-tax profit on disposal of approximately $700 million will be recorded in BG Group's third quarter accounts.
CATS Pipeline & Infrastructure Sold for $954m
BG Group agreed to the sale of its equity interest in the Central Area Transmission System (CATS) gas pipeline in the UK North Sea and associated infrastructure to Antin Infrastructure Partners for total proceeds up to $954 million. Under the agreement, BG Group will sell its 62.78% interest in CATS for a consideration comprising $888 million on completion of the transaction and a deferred amount of $66 million. The sale does not impact BG Group's rights to capacity in CATS. CATS comprises a fixed-riser platform linked to the Everest oil and gas platform…
BG to Sell its Interest in CATS Pipeline
BG Group today announced it had agreed to the sale of its equity interest in the Central Area Transmission System (CATS) gas pipeline in the U.K. North Sea and associated infrastructure to Antin Infrastructure Partners for total proceeds up to £562 million, or approximately $954 million at current exchange rates. Under the agreement, BG Group will sell its 62.78% interest in CATS for a consideration comprising £523 million (approximately $888 million) on completion of the transaction and a deferred amount of £39 million (approximately $66 million). The sale does not impact BG Group's rights to capacity in CATS.
