BG plc, through its wholly-owned subsidiary BG Exploration & Production Ltd., has entered into an agreement to sell all its interests in the East Irish Sea for $157.6 million (£98.5 million approx) to Burlington Resources Inc., of Houston, Texas. The transaction is subject to approval by the Department of Trade & Industry.

The transaction covers 14 blocks (10 operated and four non- operated), containing seven undeveloped gas discoveries with estimated recoverable reserves exceeding 700 billion cubic feet.

The sale is the largest in the portfolio improvement strategy currently being undertaken by BG Exploration & Production to realise shareholder value from non-core assets.

Frank Chapman, Executive Director responsible for BG plc's E&P assets, said: "The sale of these properties represents a key milestone in our programme of rationalising our portfolio so as to focus effort on growth assets in the UK and around the world."