BG to Complete Sale of Stake in North Caspian PSA
BG Group reports that the outstanding conditions relating to the sale of its entire 16.67 percent interest in the North Caspian Production Sharing Agreement (NCPSA) have been satisfied. BG Group therefore expects to complete the sale to pre-empting partners Eni, ExxonMobil, Royal Dutch Shell, Total and ConocoPhillips on April 6, 2005.
At completion, BG Group will receive an aggregate pre-tax cash consideration of approximately $US1.8 billion. This consideration includes adjustments to reimburse BG Group for its NCPSA expenditures from the economic effective date of January 1, 2003 to completion.
The NCPSA license area, all of which is offshore in the Republic of Kazakhstan's sector of the Caspian Sea, includes the Kashagan field and the recent discoveries on the Kalamkas, Kairan, Aktote and Kashagan South West parts of the license area.
In March 2003, BG Group announced the sale of its 16.67 percent interest in the North Caspian Production Sharing Agreement (NCPSA) to CNOOC North Caspian Sea Limited and Sinopec International Petroleum Exploration and Production Corporation.
Subsequently, five of the six partners in the NCPSA exercised their pre-emption rights in May 2003; BG executed SPAs with the pre-empting partners in September 2003.
The Republic of Kazakhstan and partners announced the approval of the Kashagan Development Plan and Budget in February 2004.
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