BP transfers interests in two Venezuelan operations

Petroleum News Alaska Staff

BP said Feb. 26 that it has agreed to transfer to Perenco its interests in two Venezuelan production assets for $160 million in a cash transaction. The interests are a 60 percent stake in the Boqueron field in eastern Venezuela and 100 percent in the Desarrollo Zulia Occidental field in the west of the country. BP currently operates both fields.

BP's share of production from these fields averaged 26,100 barrels of oil a day in 2002. The deal is subject to approval from PDVSA.

This transaction follows a number of recent disposals that BP has made in other parts of the world, including the sale of several UK Southern North Sea gas production assets to Perenco.

BP said the transfer will strengthen Perenco's overall position in Venezuela.

Perenco is an independent upstream oil and gas company based in London and Paris. On completion of this transaction and the UK Southern North Sea gas acquisition, Perenco's operated oil and gas production is expected to rise to 275,000 barrels of oil equivalent a day and its net production to 185,000 boed.