BG Group completes purchase of Rosetta stake offshore Egypt

abarrelfullabarrelfull wrote on 17 May 2012 10:39

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24 November 2004

BG Group has today announced that it has completed the purchase of Shell Egypt N.V’s and Shell Austria G.m.b.H’s (collectively Shell’s) interest in the Rosetta concession offshore Egypt (as announced on 6 September 2004).

On 4 June 2004, Shell and Kuwait Foreign Petroleum Exploration Company (KUFPEC) announced that they had reached an agreement for the sale to KUFPEC of Shell’s 40 per cent stake in the BG Group operated Rosetta Concession in the Nile Delta. BG Group’s pre-emption of the sale of Shell’s stake has increased its equity interest in Rosetta from 40 to 80 per cent.

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