INGRMI has acquired 29.23% of BG Group's 50% interest, with CNOOC acquiring the remaining 20.77% for an aggregate cash consideration of approximately US$253 million. This consideration includes a reimbursement of BG expenditure dating from the economic effective date of January 1, 2003.
There are matters discussed in this media information that are forward looking statements. Such statements are only predictions and actual events or results may differ materially. For a discussion of important factors which could cause actual results to differ from the forward looking statements, refer to the Company's annual report and accounts for the year ended 31 December 2003.
BG Group announced the sale of its 50% interest to Mitsui Indonesia Gas B.V. on 2 December 2003. Subsequently, existing partners in the Muturi PSC, INGRMI and CNOOC, exercised their pre-emption rights and have purchased BG's 50% operated interest in the Muturi PSC in West Papua for a sale consideration of US$236 million, plus reimbursement of expenditure incurred by BG since the economic effective date. BG Group's interest in the Muturi PSC provided a 10.73% interest in the Tangguh LNG project, based on independently certified proved reserves.
The participants in the Muturi PSC are now CNOOC Muturi Limited with 64.77%, Indonesia Natural Gas Resources Muturi Inc with 34.23% and BP Muturi Holdings B.V. with 1%. LNG Japan Corporation is a joint venture between Sojitz Corporation and Sumitomo Corporation.
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