Gulf Oil and Gas accountACCOUNT

Agreement to Sell Interest in CATS Pipeline & Infrastructure for £562m

Source: www.gulfoilandgas.com 6/17/2014, Location: Europe

BG Group had agreed to the sale of its equity interest in the Central Area Transmission System (CATS) gas pipeline in the UK North Sea and associated infrastructure to Antin Infrastructure Partners for total proceeds up to £562 million, or approximately $954 million at current exchange rates.

Under the agreement, BG Group will sell its 62.78% interest in CATS for a consideration comprising £523 million (approximately $888 million) on completion of the transaction and a deferred amount of £39 million (approximately $66 million).

The sale does not impact BG Group's rights to capacity in CATS.

CATS comprises a fixed-riser platform linked to the Everest oil and gas platform, a 404-kilometre, 1,700 million-standard-cubic-feet-of-gas-per-day (mmscfd) capacity subsea pipeline and a two-train onshore gas processing terminal at Teesside which has capacity of 1 200 mmscfd.

It is anticipated the transaction will close in the second half of 2014.

The sale of CATS is expected, on completion, to create a post-tax profit on disposal of approximately $700 million. This may be partly offset by a potential impairment of BG Group's associated UK North Sea assets following the categorisation of the Group's interest in CATS as held for sale in the second quarter.

The sale of the CATS interest is in line with BG Group's strategy to actively manage its asset portfolio and deliver value to shareholders.

Acquisitions and Divestitures News in United Kingdom >>

Argentina >>  11/13/2019 - Echo Energy, the Latin American-focused upstream oil and gas company, is pleased to announce that the acquisition by the Company of a 70 per cent. ini...
Norway >>  11/13/2019 - OKEA ASA (the Company) announces that the sale of 20% of the Company's participating interest in Grevling (PL 038D) and 18.57% of the Company’s partic...

Trinidad and Tobago >>  11/12/2019 - Columbus is pleased to announce the extension of the Inniss Trinity Incremental Production Service Contract (Inniss Trinity IPSC) to allow for the imp...
Somalia >>  11/11/2019 - Genel Energy plc has increased its stake in the SL10B13 block, onshore Somaliland, to 100%, having acquired East Africa Resource Group's 25% stake. ...

Nigeria >>  11/8/2019 - Savannah Petroleum PLC, the British independent oil & gas company focused around activities in Niger and Nigeria, is pleased to provide an update in r...
United States >>  11/7/2019 - Diversified Gas & Oil PLC (DGOC) is pleased to announce the sale of its non-producing assets recently acquired in Monroe County, Ohio for total cash c...

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 


United Kingdom Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2019 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.