BRITISH Gas is to sell its 14% interest in block 16/17 in the central
North Sea, which contains two oilfields under development and two
smaller oil accumulations.
Their share has been bought by LL&E (UK), a wholly owned subsidiary of
the Louisiana Land and Exploration Company for $232m.
Mr Howard Dalton, managing director of exploration and production for
British Gas, said: ''The sale is being undertaken as part of the ongoing
rationalisation of our UK portfolio in order to focus on areas of
greater strategic value.''
Block 16/17 known as the ''T-Block'', contains the Tiffany and Toni
fields, which are under development as well as the smaller fields, whose
development is under review.
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