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BG Group Signs Nigerian Production Sharing Contract

Source: www.gulfoilandgas.com 1/20/2006, Location: Africa

BG Group has acquired a 45 percent interest in, and operatorship of, Block 332 offshore Nigeria under a farm-in agreement with Sahara Energy Exploration & Production Limited (Sahara). The agreement marks BG’s entry into the Nigerian upstream sector and comes as BG, along with its partners, Sahara and Seven Energy Nigeria Limited (Seven Energy), yesterday signed a Production Sharing Contract (PSC) for Block 332 with the Nigerian National Petroleum Corporation (NNPC).

Sahara, which will retain a 45 percent interest, secured Block 332 in the 2005 Nigerian Licensing Round held in August. Seven Energy will hold the remaining 10 percent interest.

BG Group Executive Vice President for the Mediterranean Basin and Africa, Stuart Fysh, said: “Nigeria is a prolific hydrocarbon province which fits well with our market focused Atlantic Basin strategy. This attractive farm-in opportunity represents BG’s entry into Nigeria’s upstream sector and we look forward to working with our partners to play an active role in the continued development of Nigeria’s energy sector.”

The work programme will be carried out in two phases, the first involving the acquisition of 3D seismic and one exploration well.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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