BG Expected to Bid for Block Offshore Mumbai

BG Group is negotiating with Petrom to acquire its 51% stake in the BB-OS/5 block offshore Mumbai. BG is evaluating the data on this block and a decision is expected in about two weeks. Last year Petrom drilled a dry hole, however, the block is estimated to have 400 million tons of oil reserves and 100 billion cubic meters of gas. Essar Oil holds the remaining 49% stake.
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Brent Crude Oil : $55.47/BBL 0.69%
Light Crude Oil : $52.48/BBL 0.30%
Natural Gas : $3.41/MMBtu 0.29%
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