Gulf Oil and Gas accountACCOUNT

BG to Acquire Interests Offshore Mauritania

Source: www.gulfoilandgas.com 2/19/2004, Location: Africa

Share |
BG Group announces that it has signed a Sale and Purchase Agreement with Hardman Resources Limited, an Australian independent exploration company, for the acquisition by BG of Mauritania Holdings BV, a Hardman Resources subsidiary that owns interests in Production Sharing Contracts (PSCs) A and B covering blocks 3, 4 and 5 offshore Mauritania, West Africa.

Through this acquisition BG Group will obtain a 13.084 per cent interest in the PSC covering area A and an 11.630 per cent interest in the PSC covering area B for an aggregate cash consideration of US$132 million, plus up to a further US$5.1 million that is contingent on the attainment of certain exploration and production milestones.

Speaking today, BG Group Managing Director and Executive Vice President Mediterranean Basin and Africa, Stuart Fysh, said:

“This transaction adds an attractive upstream position to BG’s upstream inventory as these blocks offshore Mauritania have proven oil reserves and good potential for gas reserves. Additionally, they are well positioned in the context of BG’s Atlantic Basin strategy. We look forward to working with the existing partners to build on their success to date in these blocks.”

The transaction is expected to be completed in the second quarter. It is subject to consent from the other existing participants, Woodside Petroleum Limited, Fusion Oil and Gas plc, and Roc Oil Company.


Acquisitions and Divestitures News in Mauritania >>

Australia >>  5/21/2018 - Santos advises that on 21 May 2018 it received a revised binding, conditional proposal from Harbour Energy Australia Pty Ltd (Harbour) to acquire 100%...
Iran >>  5/21/2018 - Iran has signed a deal with Pergas Consortium, a group of international oil and gas companies based in London, to develop Irans Karanj oilfield in its...

Indonesia >>  5/20/2018 - Jadestone Energy Inc. (JSE) announces that a new gross split Production Sharing Contract (“PSC”) for the Ogan Komering working area has been signed be...
Iraq >>  5/20/2018 - Kuwait Energy, an independent oil and gas company, has hired investment bank Perella Weinberg Partners (PWP) to advise it on options that could includ...

China >>  5/18/2018 - CNOOC Limited announced that its parent company, China National Offshore Oil Corporation (CNOOC), has signed two production sharing contracts (PSCs) w...
Iran >>  5/18/2018 - French gas and power group Engie (ENGIE), Polish gas firm PGNiG (PGN) and German lender DZ Bank were the latest companies on Friday to say that their ...

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 


Mauritania Oil & Gas 1 >>  2 | 3 |

Oil & Gas Projects in Mauritania >>

More News

 

Oil & Gas Companies in Mauritania >>


Related Links

AO BJ BW CD CG CI CM DZ EG EH ET GA GH GM GN GQ GW KE LR LY MA MG ML MR MZ NA NE NG RW SC SD SL SN SO ST SZ TD TN TZ UG ZA ZM
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.