BG Group completes acquisition of Enron Oil & Gas India Limited

abarrelfullabarrelfull wrote on 22 Feb 2015 15:42

14 FEBRUARY 2002

BG Group plc has completed today the purchase of the entire share capital of Enron Oil and Gas India Limited (EOGIL) for US$350 million from Enron Corp.

On January 23, 2002, BG Group announced a revised agreement to acquire EOGIL whose assets include 30 per cent interests in the Tapti gas field and the Panna/Mukta oil and gas field, and a 62.64 per cent interest in the CB-OS/1 exploration licence. The acquired company will be renamed BG Exploration & Production India Limited (BG E&P India).

BG E&P India will continue to operate these assets. Discussions with partners regarding this arrangement are ongoing.

The partners in the Tapti and Panna/Mukta offshore operations are Oil and Natural Gas Corporation Limited (ONGC), which has a 40 per cent share, and Reliance Industries Ltd., which owns the remaining 30 per cent. The other partners in the CB-OS/1 licence are Hindustan Oil Exploration Company (17.36 per cent), Tata Petrodyne (10 per cent) and ONGC (10 per cent).

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