BG Group to complete the disposal of interests in North Caspian PSA

abarrelfullabarrelfull wrote on 04 Jul 2012 10:58

30 March 2005

BG Group has announced that the outstanding conditions relating to the sale of its entire 16.67 per cent interest in the North Caspian Production Sharing Agreement (NCPSA) have today been satisfied. BG Group therefore expects to complete the sale to pre-empting partners Eni, ExxonMobil, Royal Dutch Shell, Total and ConocoPhillips on 6 April 2005.

At completion, BG Group will receive an aggregate pre-tax cash consideration of approximately $US1.8 billion. This consideration includes adjustments to reimburse BG Group for its NCPSA expenditures from the economic effective date of 1 January 2003 to completion.

Notes to Editors:

The NCPSA licence area, all of which is offshore in the Republic of Kazakhstan’s sector of the Caspian Sea, includes the Kashagan field and the recent discoveries on the Kalamkas, Kairan, Aktote and Kashagan South West parts of the licence area.

In March 2003, BG Group announced the sale of its 16.67 per cent interest in the North Caspian Production Sharing Agreement (NCPSA) to CNOOC North Caspian Sea Limited and Sinopec International Petroleum Exploration and Production Corporation.

Subsequently, five of the six partners in the NCPSA exercised their pre-emption rights in May 2003; BG executed SPAs with the pre-empting partners in September 2003.

The Republic of Kazakhstan and partners announced the approval of the Kashagan Development Plan and Budget in February 2004.

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