BG Sells Mauritanian Interests to Kufpec
BG Group has completed the sale of Mauritania Holdings BV to Kuwait Foreign Exploration Company (KUFPEC) for a total consideration of US $128 million.
The agreement signed today marks the disposal of all BG Group's current interests in Mauritania.
BG Group has increased its worldwide exploration acreage significantly in the last 18 months and believes that its Mauritanian assets no longer fit strategically within its exploration portfolio.
BG Group purchased Mauritania Holdings BV from Hardman Resources Limited in 2004 for an aggregate cash consideration of US$132 million.
Mauritania Holdings BV operated as a wholly-owned subsidiary of BG Group managing its interests in Production Sharing Contracts (PSCs) A and B covering blocks 3, 4 and 5 offshore Mauritania, West Africa. These interests were - 13.084% equity in PSC A, 11.630% equity in PSC B and 10.234% equity in the Chinguetti Exclusive Exploitation Authorization (EEA).
PSC A covers Block 3 and shallow water Blocks 4 and 5. A gas field (Banda) has been discovered in PSC A.
PSC B covers deep water Blocks 4 and 5. Five oil discoveries have been made in PSC B (Chinguetti, Tiof, Tevet, Tevet Deep and Labeidna). The Chinguetti field commenced production in February 2006. Development studies on the Tiof field are ongoing.
- Shell Mulls LNG-Hub Network as Use by Ships and Trucks Expands (Jul 11)
- Tanzania Laws Would Allow Govt to Tear Up Mining, Energy Deals (Jun 29)
- Despite Cuts, Big Oil to Expand Production into the 2020s (Sep 05)
Company: Kuwait Foreign Petroleum Exploration Co. (KUFPEC) more info
- Shell Cancels Sale Of Thai Gas Field Stakes To Kuwait's KUFPEC (Oct 04)
- PETRONAS Awards SK410B PSC Offshore Malaysia to PTTEP-led JV (Jul 22)
- Chevron Signs Up Australia's Alinta To Buy Gas From Wheatstone (Apr 19)