Deal on sale of 16.67% BG share concluded
07.04.05 11:08
/Kazakhstan today, April 7, 05/ - BG Group Plc. is going to concluded the deal
on the sales of its 16.67% share in Kashagan field development on the Caspian
shelf belonging to it, KZ-today has learnt from an official press release
circulated by BG Group Plc.
The press release observes that BG has earned around $1.8 billion from the
sales of its share to its project partners - ENI, ExxonMobil, Royal Dutch
Shell, Total и ConocoPhillips.
The agreement on purchase of 50% BG share, i.e. 8.33% by Kazakhstan was
inked in Astana on March 30. The price of the share holding, according to the
source, was $630 million.
After the deal the project participants will be the following: ENI (sole
operator of North Caspian project), Total, ExxonMobil, Shell (18.52%
participation shares), ConocoPhillips (9.26%), Inpex, and КазМунайГаз (8.33%
each). Earlier it was reported that BG had announced its intention to sell its
share (16.67%) in Kashagan project to all the project participants in equal
parts in 2003.
The first oil at Kashagan field was discovered in a well "Vostok-1" on summer
2000. The proven field reserves approximate 1.5 billion tons. The consortium
plans to commence the commercial production on Kashagan in 2007-2008.
[2005-04-07]