BG completes Acquisition of Enron India
BG Group plc has completed the purchase of the entire share capital of Enron Oil and Gas India Limited (EOGIL) for US $350 million from Enron Corp.
On January 23, 2002, BG Group announced a revised agreement to acquire EOGIL whose assets include 30 per cent interests in the Tapti gas field and the Panna/ Mukta oil and gas field, and a 62.64 per cent interest in the CB-OS/1 exploration license. The acquired company will be renamed BG Exploration & Production India Limited (BG E&P India).
BG E&P India will continue to operate these assets. Discussions with partners regarding this arrangement are ongoing.
The partners in the Tapti and Panna/Mukta offshore operations are Oil and
Natural Gas Corporation Limited (ONGC), which has a 40 percent share, and
Reliance Industries Ltd., which owns the remaining 30 percent. The other
partners in the CB-OS/1 license are Hindustan Oil Exploration Company (17.36 percent), Tata Petrodyne (10 percent) and ONGC (10 percent).