BG Group announce $388 million purchase
3 Oct 2001
BG Group plc has announced today that it is to purchase the entire share capital of Enron Oil & Gas India Limited (EOGIL) for US$388 million from Enron Corporation.
EOGIL's assets include 30 per cent interests in the Tapti gas field and the Panna/Mukta oil and gas field on the west coast of India, and a 62.64 per cent interest in the CB-OS/1 exploration licence.
These operations, which include important development and exploration opportunities, are operated by EOGIL.
The sale, which is subject to consents and conditions including confirmation from joint venture partners of EOGIL's continuation as operator after completion, is expected in the coming weeks.
Equity production from these fields, in the year to March 31, 2001, totalled an average of approximately 70 million standard cubic feet of gas per day and 8,200 barrels of oil per day.
As of March 31, 2001, EOGIL had estimated net proved and probable reserves of over 170 million barrels of oil equivalent.
