Key Developments: BG Group PLC (BRGXF.PK)
18.79USD
16 May 2013
$0.39 (+2.12%)
$18.40
$18.79
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$21.50
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Latest Key Developments (Source: Significant Developments)
Ophir Energy Plc and BG Group PLC Extend Deepsea Metro I for Further 18 Months to Facilitate Continuous Drilling in Tanzania and Kenya
Ophir Energy Plc announced that it has secured a drilling rig and executed a letter of agreement for Rig Share Assignment with BG Group PLC for the continuation of its 2013-2014 East African offshore drilling programme. Odjfell Drilling is the contract counterpart and drilling service contractor. The Deepsea Metro I (DSM-1) drillship is being used by the Ophir-BG Group Joint Venture in Tanzania. This contract was previously due to expire in June but has been extended for a further period of at least 18 months. During this period the DSM-1 will be used to drill a combination of wells in Tanzania for the Ophir-BG Group Joint Venture in Blocks 1-3-4 and also to drill operated wells for Ophir in Tanzania and Kenya and for BG Group in Kenya. Full Article
BG Group PLC Sells Additional Interests in Queensland Curtis LNG to China National Offshore Oil Corporation
BG Group PLC announced it has signed binding agreements with China National Offshore Oil Corporation (CNOOC) for the sale of certain additional interests in the Queensland Curtis LNG (QCLNG) project in Australia for USD 1.93 billion and for the supply of an additional 5 million tons per annum of liquefied natural gas (LNG). Additionally, CNOOC will reimburse BG Group for its share of QCLNG project expenditure incurred from January 1, 2012. Full Article
Statoil ASA and BG Group PLC Plan East African Liquefied Natural Gas (LNG) Terminal-Reuters
Reuters reported that following Statoil ASA's new find offshore Tanzania of 4 trillion-6 trillion cubic feet (tcf) of gas, the Company and Britain's BG Group PLC plan a USD 10 billion East African liquefied natural gas (LNG) terminal for exports to Asia. To allow exports of the fuel there will be a need for plants to turn gas into freezing liquid for transport by ship to major markets. Full Article
Petroleo Brasileiro Petrobras SA And Partners, Including BG Group PLC’s Subsidiary, Start Oil Production At Sapinhoa Subsalt Field-Reuters
Reuters reported that Petroleo Brasileiro Petrobras SA (Petrobras) and its partners started production of subsalt crude at its Sapinhoa Norte field in the Santos Basin. Petrobras is the operator in the concession block BM-S-9 where the Sapinhoa field is located with partners BG E&P Brasil Ltda, a subsidiary of BG Group PLC which holds 30% of the block, and the joint venture Repsol Sinopec Brasil SA with 25%. Petrobras said it will begin by producing 15,000 barrels a day for up to six months from the field. The Sapinhoa is estimated to hold 2.1 billion barrels of recoverable oil equivalent. Full Article
BG Group PLC Announces Disposal Interest In Non-Core, Conventional Producing Assets And Acreage
BG Group PLC announced that it has signed a sale and purchase agreement with EXCO Resources (EXCO) for the divestment of all its interests in the shallow, non-core, conventional producing assets and acreage in the Cotton Valley formation for a consideration of $132.5 million. Closing of this transaction is expected in the first quarter of 2013. Full Article
Mr. Fabio Barbosa appointed Chairman BG South America and to step down as CFO of BG Group PLC
BG Group PLC announced that Mr. Fabio Barbosa has been appointed Chairman BG South America, reporting to Chief Executive Mr. Chris Finlayson, and has stepped down as Chief Financial Officer (CFO) and Executive Director of the Company for personal reasons. Mr. Barbosa has also stepped down as a member of BG Group's Group Executive Committee and other committees. BG Group also announces that Mr. Den Jones, BG Group Financial Controller, who acted as alternate director during Mr. Barbosa leave of absence, has been appointed a director of BG Group plc. As a director, Mr. Den Jones will continue to fulfil the role of BG Group Interim CFO pending the conclusion of a succession process for the role of CFO. Full Article
BG Group PLC Gets $1.8 Billion Loan From U.S. Export-Import Bank-Reuters
Reuters reported that BG Group PLC said it had secured a $1.8 billion loan from the Export-Import Bank of the United States, as part of a wider push to diversify its funding options to support projects. Full Article
BG Group PLC Appoints New Chief Executive
BG Group PLC announced that Chris Finlayson has been appointed as Chief Executive, to succeed Sir Frank Chapman. Chris, who is currently Executive Director and Managing Director BG Advance, will take over as Chief Executive on January 1, 2013. Full Article
BG Group PLC Completes Sale Of Comgás Stake To Cosan S.A. Indústria e Comércio
BG Group PLC announced that it completed the previously announced transaction to sell the Group's entire 60.1% holding in Comgás, Brazil's gas distribution company. for a consideration of Brazilian reais 3.4 billion, or approximately $1.7 billion, to Cosan S.A. Indústria e Comércio (Cosan). The transaction was concluded after BG Group and Cosan obtained the necessary approvals from the São Paulo State Sanitation and Energy Regulation Agency and the Economic Defense Administrative Board. Full Article
BG Group PLC Comments On FY 2012, 2013 Production Guidance-Conference Call
BG Group PLC announced that in the third quarter of 2012 production rose by some 5% as new projects came onstream. This progress was held back by the previously announced shutdown of the non-operated Elgin/Franklin Field and earlier decision to scale back drilling in the USA due to low natural gas prices. As a result of these factors and the previously announced deferral of the Jasmine startup to 2013, production growth in fiscal 2012 is now forecast to be some 3%. Alongside these factors, which will continue to affect production in fiscal 2013, fiscal 2013 production is expected to be in line with 2012. Full Article
UPDATE 2-BG tightens focus on exploration, LNG, dealmaking
* Shares up over 3 pct, lead European oil and gas stocks higher (Writes through with details, CEO comments)
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