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BG. EXPLORATION RIGHTS (BG.)
dikytree - 03 Oct 2005 10:08
BG. Gas prices over 14% up recently with more to come - global LNG expanding and further exploration rights --- about to break out.
http://www.moneyam.com/action/news/showArticle?id=989336
dikytree.
http://www.moneyam.com/action/news/showArticle?id=989336
dikytree.
Guscavalier
- 02 Jul 2007 13:10
- 2 of 215
A number of commentators including brokers and press have become more bullish on the big energy stocks and both BG. and RDSB (Royal Dutch Shell) have been beneficiaries, especially the latter- currently 2115p. It may be becoming more likely that RDSB will make a bid for BG. currently 833p. As mentioned in the press etc; Shell would be happy to sweep in BG. for its pure oil and gas business especially now that its distribution side was hived off some years back to form Centrica. BG is enlarging its Liquified Natural Gas business by investing in more infrastructure and shipping. It is felt by many that a majority of its reserves are located in countries that are less likely to nationalise their oil and gas assets. There has been much comment about Shell's need to increase its oil and gas reserves and the difficulties it has experienced with the Russian authorities and the trouble in Nigeria continues to persist. Shell has a significant interest in Canada's oil sands which I dont think come into the reserve calculations but, it costs about US$40 per barrel to extract. Both companies throw off cash and it wouldn't surprise me to see these two consolidate together over the next year. I am a holder of both companies' shares.
Guscavalier
- 24 Aug 2007 23:34
- 3 of 215
I continue to hold both Royal Dutch Shell and BG. Both took heavy hits on the market fall out. It is felt in many quarters that as both stocks are easy to sell in size to raise cash, the selling was over done. Both stocks have shown a measure of recovery, and I continue to hold. I see that some commentators feel the oil price will hit us$100 over the next year or so.
Guscavalier
- 09 Nov 2007 11:46
- 4 of 215
BG Group upgraded
MoneyAM
Credit Suisse has upgraded BG Group to 'outperform' from 'neutral' with a new target of 1,100p.
This comes after tests revealed significant oil and gas reserves at a field in Brazil's Santos Basin, in which BG Group holds a 25% stake.
In a note to clients, Credit Suisse said it raised its target on the back of the increase in reserves, which it said will lead to higher liquefied natural gas earnings & upstream reserve growth by 2009.
The news led Deutsche Bank to raise its target to 1,090p from 925p and reiterate its 'buy' rating on the company.
The broker said not only does it suggest a potential 40% increase in the group's resource base and the underpinning of growth through the next decade, it also adds about 120p to fair value and substance to its speculative attractions.
The Tupi prospect, an offshore oil and gas discovery operated by Brazil's state-owned energy group Petroleo Brasileiro SA (Petrobras), is believed to be holding recoverable reserves of 5-8 bln barrels of oil equivalent, Petrobras and Galp Energia SGPS said in separate statements.
Petrobras owns a 655 stake in the project and Galp Energia owns 10%.
sp currently 1033p. Looking good for BG. and its exploration success is a good defense against any prospective bid. Solid hold.
MoneyAM
Credit Suisse has upgraded BG Group to 'outperform' from 'neutral' with a new target of 1,100p.
This comes after tests revealed significant oil and gas reserves at a field in Brazil's Santos Basin, in which BG Group holds a 25% stake.
In a note to clients, Credit Suisse said it raised its target on the back of the increase in reserves, which it said will lead to higher liquefied natural gas earnings & upstream reserve growth by 2009.
The news led Deutsche Bank to raise its target to 1,090p from 925p and reiterate its 'buy' rating on the company.
The broker said not only does it suggest a potential 40% increase in the group's resource base and the underpinning of growth through the next decade, it also adds about 120p to fair value and substance to its speculative attractions.
The Tupi prospect, an offshore oil and gas discovery operated by Brazil's state-owned energy group Petroleo Brasileiro SA (Petrobras), is believed to be holding recoverable reserves of 5-8 bln barrels of oil equivalent, Petrobras and Galp Energia SGPS said in separate statements.
Petrobras owns a 655 stake in the project and Galp Energia owns 10%.
sp currently 1033p. Looking good for BG. and its exploration success is a good defense against any prospective bid. Solid hold.
required field - 21 Jan 2008 16:16 - 5 of 215
This should rebound very strongly, broker upgrade this morning, but with this market nothing makes sense any more.
required field - 01 Feb 2008 19:08 - 6 of 215
For the longterm, I can see this climbing (not in a straight line) up to 20, (a bit like SIA), boy ! is it possible that this lovely mid-size oil company could be of interest to one of the big boys like Shell, BP, etc...?, its got assets the world over !
Guscavalier
- 01 Feb 2008 20:57
- 7 of 215
I thought Shell would have been the likely predator but I think I read in the press somewhere that Chinese interests have bought a stake or rumoured to have done so?
required field - 02 Feb 2008 09:38 - 8 of 215
Well whatever, it does look promising ; the number of drilling and producing activities that this company is involved in is incredible !
required field - 07 Feb 2008 09:39 - 9 of 215
Doing fine !, as long as oil and gas remain high : I can see this hitting the 13 mark before the summer !
Guscavalier
- 07 Feb 2008 10:10
- 10 of 215
I do tend to stick longer term with my investments but, the sp does remain very firm and I would not bet against your statement required field.
required field - 09 Apr 2008 18:46 - 11 of 215
Great day for the sp....I can see this being at least 15 by the end of the year, no problem....once again...great stock for an Isa (longterm).
required field - 15 Apr 2008 08:14 - 12 of 215
Huge increase at start...???? 7%...!!!
skinny
- 15 Apr 2008 08:20
- 13 of 215
required field :-
STOCKWATCH BG, Galp, Repsol seen boosted by Sugar Loaf reserves news
LONDON (Thomson Financial) - Shares in BG, Galp and Repsol are expected to
get a boost in opening deals the head of Brazil's National Petroleum Agency said
overnight that the Sugar Loaf structure in the Santos Basin could contain 33
billion barrels of oil equivalent -- five times the size of Tupi -- which would
make it the biggest discovery in 30 years
STOCKWATCH BG, Galp, Repsol seen boosted by Sugar Loaf reserves news
LONDON (Thomson Financial) - Shares in BG, Galp and Repsol are expected to
get a boost in opening deals the head of Brazil's National Petroleum Agency said
overnight that the Sugar Loaf structure in the Santos Basin could contain 33
billion barrels of oil equivalent -- five times the size of Tupi -- which would
make it the biggest discovery in 30 years
required field - 15 Apr 2008 08:24 - 14 of 215
Thanks skinny...in that case this will be a 20 stock within 2 years sure !
Guscavalier
- 15 Apr 2008 20:07
- 15 of 215
Doesn't always pay to get too excited but, the outlook does look favourable.
required field - 21 Apr 2008 16:57 - 16 of 215
I'm convinced that this will be 15 by mid-summer and this will be a 20 stock at some stage....and how about a takeover target ...with the Brazilian discoveries and if I was one of the really big boys : I would snap this up before we hit the 20 mark !
HARRYCAT
- 21 Apr 2008 18:08
- 17 of 215
Went ex-divi recently, so a slight dip was to be expected:
"a final dividend in respect of the year ended 31 December 2007 of 5.76 pence per ordinary share payable on 23 May 2008 to holders of ordinary shares on the register of shareholders of the Company at the close of business on 11 April 2008."
Onwards & upwards hopefully. Am happy to hold for the foreseeable future.
"a final dividend in respect of the year ended 31 December 2007 of 5.76 pence per ordinary share payable on 23 May 2008 to holders of ordinary shares on the register of shareholders of the Company at the close of business on 11 April 2008."
Onwards & upwards hopefully. Am happy to hold for the foreseeable future.
Guscavalier
- 24 Apr 2008 18:03
- 18 of 215
For reference on Substantial shareholdings as per 2007 Report & Accounts
Legal and General Gp and subsidiaries 181,148,616 shs------5.42%
Legal and General Gp and subsidiaries 181,148,616 shs------5.42%
required field - 30 Apr 2008 16:52 - 19 of 215
BG. taking a bit of a knock today....hope that the drop will stop soon....if it wasn't for the takeover we would be over 14 !.
HARRYCAT
- 01 May 2008 14:09
- 20 of 215
Yes, as is usual, the bidder's sp takes a bit of a drop, while the target company's sp takes a nice boost:
"LONDON (Thomson Financial) - Shares in BG Group Plc. fell after it launched a $12 billion all-cash takeover bid for Australia's Origin Energy Ltd., overshadowing the UK natural gas producer's forecast-beating first quarter earnings.
BG offered to pay A$14.70 for each Origin share, 40 percent above the group's Tuesday closing price. It plans to use debt and existing cash to finance the acquisition.
Origin, Australia's second-largest energy retailer, said it has not yet considered the proposal and discussions with BG are to take place shortly.
At 1.25 p.m., BG shares were down over 5 percent at 1,241 pence following the bid, which Dresdner Kleinwort described to be an 'aggressive step up' in BG's Australian ambition.
Given the scale of the offer, investors are waiting for a 'convincing explanation' from BG, the broker said."
"LONDON (Thomson Financial) - Shares in BG Group Plc. fell after it launched a $12 billion all-cash takeover bid for Australia's Origin Energy Ltd., overshadowing the UK natural gas producer's forecast-beating first quarter earnings.
BG offered to pay A$14.70 for each Origin share, 40 percent above the group's Tuesday closing price. It plans to use debt and existing cash to finance the acquisition.
Origin, Australia's second-largest energy retailer, said it has not yet considered the proposal and discussions with BG are to take place shortly.
At 1.25 p.m., BG shares were down over 5 percent at 1,241 pence following the bid, which Dresdner Kleinwort described to be an 'aggressive step up' in BG's Australian ambition.
Given the scale of the offer, investors are waiting for a 'convincing explanation' from BG, the broker said."
required field - 02 May 2008 22:19 - 21 of 215
Finished up !, (a fraction), great stock this...I'm repeating myself but can see this hitting 15 during the summer and then later 20 when the Brazilian assets are flow tested !
HARRYCAT
- 13 Jun 2008 08:17
- 22 of 215
LONDON (Thomson Financial) 13.06.08 - "BG Group Plc said it has found more oil in the deep water Santos Basin in Brazil.
The well, known as Guara, encountered oil within the BM-S-9 concession area, it said.
This followed the first oil strike, called Carioca, at the site announced in September last year. BG holds a 30 percent stake the project, along with operator and 45 percent shareholder Petrobras, the Brazilian state-run oil company. Spain's Repsol holds the remaining 25 percent.
'Together with our partners, we will now continue to advance our evaluation and development programme, targeting initial production from the pre-salt Santos Basin during 2009,' said Frank Chapman, BG chief executive.
Further assessment of the well will be carried out to determine the scale and characteristics of the reservoir. Once this is completed, an evaluation plan will be submitted to Brazil's National Petroleum Agency, BG said."
The well, known as Guara, encountered oil within the BM-S-9 concession area, it said.
This followed the first oil strike, called Carioca, at the site announced in September last year. BG holds a 30 percent stake the project, along with operator and 45 percent shareholder Petrobras, the Brazilian state-run oil company. Spain's Repsol holds the remaining 25 percent.
'Together with our partners, we will now continue to advance our evaluation and development programme, targeting initial production from the pre-salt Santos Basin during 2009,' said Frank Chapman, BG chief executive.
Further assessment of the well will be carried out to determine the scale and characteristics of the reservoir. Once this is completed, an evaluation plan will be submitted to Brazil's National Petroleum Agency, BG said."
required field - 13 Jun 2008 08:24 - 23 of 215
Another stupendous result from British Gas, my "stock of the year" for me, sp should be over 15 not below 13 !.
HARRYCAT
- 24 Jul 2008 10:05
- 24 of 215
BG Group's Chief Executive, Frank Chapman said:
'I am delighted to report that BG Group has delivered another strong business performance and continues to create material value through our exploration programme with successful results in Brazil, Algeria, Norway, Trinidad and Tobago and the UK.'
And yet upon posting of good interim results, the sp drops 6% in a couple of hours!
Another case of buy on rumour, sell on fact?
'I am delighted to report that BG Group has delivered another strong business performance and continues to create material value through our exploration programme with successful results in Brazil, Algeria, Norway, Trinidad and Tobago and the UK.'
And yet upon posting of good interim results, the sp drops 6% in a couple of hours!
Another case of buy on rumour, sell on fact?
required field - 24 Jul 2008 12:31 - 25 of 215
Impressive results once again....will be 20 one day this stock....buy and tuck away for some time this one !.
scotinvestor - 25 Jul 2008 00:36 - 26 of 215
yes required field.....main oil producers seem to be getting attacked whether its tullow, pmo etc....all are doing well so suppose market just bashing it as they been doing too well.
probaly after summer, this will all change again and sp will go up for all these companies
probaly after summer, this will all change again and sp will go up for all these companies
HARRYCAT
- 08 Aug 2008 08:15
- 27 of 215
LONDON (Thomson Financial) - "Shares in Galp and BG Group are expected to go higher in opening deals after news that a second well has been confirmed in the the Santos Basin next to the much celebrated Tupi well in a block offshore Brazil.
London based traders said BG is expected to go 40 pence higher on the news.
Lisbon brokers said the news is 'obviously very positive' for the pair, which owns a 10 percent and 25 percent stake in the block respectively."
London based traders said BG is expected to go 40 pence higher on the news.
Lisbon brokers said the news is 'obviously very positive' for the pair, which owns a 10 percent and 25 percent stake in the block respectively."
required field - 09 Aug 2008 12:36 - 28 of 215
Another fantastic result....(after this I think BG. should move down to the Falklands.....they are on a run here !), I could curse the pullback in the oil price....I must be one of the few that wants it to rise !.
required field - 11 Aug 2008 08:25 - 29 of 215
Another discovery....this stock should be way higher !.
HARRYCAT
- 11 Aug 2008 09:14
- 30 of 215
It's a huge company with %age stakes in lots of fields, so any discovery is absorbed in to the whole picture, unlike the little AIM explorers who only have a couple of drilling programs at any one time.
Oil price is also weakening a little against a stronger $.
A good stock though, imo, with good income & scope for capital growth. Worth holding on to.
Oil price is also weakening a little against a stronger $.
A good stock though, imo, with good income & scope for capital growth. Worth holding on to.
required field - 11 Aug 2008 09:53 - 31 of 215
Yes Harrycat....large company....but they keep on making great discoveries....the market at the moment for oil companies is not that good....I have not put a trade through for ages now.....need some profits from existing positions.
required field - 14 Aug 2008 13:27 - 32 of 215
BG....recoiled spring possibly ?.
HARRYCAT
- 22 Oct 2008 11:07
- 33 of 215
Rumours of an interest from Exxon Mobil.
espaceman6 - 09 Dec 2008 12:34 - 34 of 215
I'm now in, BG is based only four miles away from where I live and over the last year or so I've had the good fortune to meet many of their staff from all over the world . I've driven some of their top guys around and can also say what a fantastic company this is, they really look after their employees. Investors Chronicle is also a big fan of BG , and the fact that their top execs have been buying shares recently must be a good sign .I'm not really an expert in the oil and gas exploration field but find it a fascinating one !
dealerdear - 14 Jan 2009 15:48 - 35 of 215
When was the last time we had BG. down 10% in a day.
Unheard of I'd thought. This is either a bottoming clear-out or the SM is on the point of collapse.
Next few days will tell us.
Unheard of I'd thought. This is either a bottoming clear-out or the SM is on the point of collapse.
Next few days will tell us.
HARRYCAT
- 14 Jan 2009 16:19
- 36 of 215
Sit tight, imo. Possibly worth a top up near the 800p level. (currently 873p)
skinny
- 05 Feb 2009 07:33
- 37 of 215
Results Highlights.
Highlights
* Record earnings per share up 74% to 91.6p for the full year
* Cash generated by operations up 70% to GBP6 274 million for the full year
* Full year dividend increased by 20% to 11.23p
* 2P reserves increased by 64%; total reserves and resource base increased by 31%
to 13.1 billion boe
* LNG total operating profit up 204% to GBP1 585 million for the full year
* Queensland Gas Company resource base increased from 7 tcf to 11 tcf
BG Group's Chief Executive, Frank Chapman said:
"BG Group has delivered record results this year with strong performances in E&P
and LNG. Major reserves and resources additions were achieved, with 2P reserves
up 64%. There was transformational strategic progress in Australia and Brazil;
two ventures that will support BG Group's growth over the next two decades."
Highlights
* Record earnings per share up 74% to 91.6p for the full year
* Cash generated by operations up 70% to GBP6 274 million for the full year
* Full year dividend increased by 20% to 11.23p
* 2P reserves increased by 64%; total reserves and resource base increased by 31%
to 13.1 billion boe
* LNG total operating profit up 204% to GBP1 585 million for the full year
* Queensland Gas Company resource base increased from 7 tcf to 11 tcf
BG Group's Chief Executive, Frank Chapman said:
"BG Group has delivered record results this year with strong performances in E&P
and LNG. Major reserves and resources additions were achieved, with 2P reserves
up 64%. There was transformational strategic progress in Australia and Brazil;
two ventures that will support BG Group's growth over the next two decades."
HARRYCAT
- 30 Jun 2009 08:11
- 38 of 215
Business Financial Newswire
"BG Group has agreed an alliance with oil and gas explorer and producer EXCO Resources to develop US shale gas.
BG Group has acquired a 50% interest in 120,000 net acres in east Texas and north Louisiana.
Of these, 84 000 net acres cover the Haynesville shale gas formation, a substantial proportion of which lies within the prolific Harrison County, Texas and DeSoto and Caddo Parishes, Louisiana.
EXCO has completed eight horizontal wells in DeSoto Parish with an average initial production rate in excess of 23 million standard cubic feet per day (mmscfd).
A consideration of US$1,055m equates to approximately US$0.40 per thousand standard cubic feet (mscf).
This comprises US$655m on completion plus US$400m to be paid as a carry of 75% of EXCO's future costs to develop the Haynesville shale gas.
BG has also agreed to negotiate to acquire a 50% interest in related and complementary EXCO gas-gathering and transportation assets for US$249m. "
"BG Group has agreed an alliance with oil and gas explorer and producer EXCO Resources to develop US shale gas.
BG Group has acquired a 50% interest in 120,000 net acres in east Texas and north Louisiana.
Of these, 84 000 net acres cover the Haynesville shale gas formation, a substantial proportion of which lies within the prolific Harrison County, Texas and DeSoto and Caddo Parishes, Louisiana.
EXCO has completed eight horizontal wells in DeSoto Parish with an average initial production rate in excess of 23 million standard cubic feet per day (mmscfd).
A consideration of US$1,055m equates to approximately US$0.40 per thousand standard cubic feet (mscf).
This comprises US$655m on completion plus US$400m to be paid as a carry of 75% of EXCO's future costs to develop the Haynesville shale gas.
BG has also agreed to negotiate to acquire a 50% interest in related and complementary EXCO gas-gathering and transportation assets for US$249m. "
skinny
- 29 Jul 2009 07:51
- 39 of 215
HARRYCAT
- 17 Aug 2009 07:26
- 40 of 215
BG Group completes acquisition of interest in US shale gas alliance
"BG Group has announced the closing of the upstream and midstream acquisitions as part of the previously announced alliance with EXCO Resources Inc. (NYSE:XCO).
After closing adjustments to make the economic effective date of the upstream acquisition and joint development operations 1 January 2009, consideration for the upstream portion of the alliance is US$1 127.0m. This consists of US$727.0m plus US$400m to be paid as a carry of 75% of EXCO's future costs to develop the Haynesville shale gas. Following similar closing adjustments, the consideration paid for the midstream portion of the alliance is US$269.2m.
Under the terms of the alliance, BG Group has:
Acquired 50% interest in 120 000 net acres in EXCO's upstream leases in a defined area of East Texas and North Louisiana, which encompasses the Haynesville shale, the prospective Bossier shale and the Cotton Valley tight gas sands formations;
Added 2.6 trillion standard cubic feet (tcf) to BG Group's net potential resources, with current net production of 90 million standard cubic feet per day (mmscfd), anticipated to increase to some 250 mmscfd in 2012, net to BG Group;
Acquired a 50% interest in a newly formed company that will hold related and complementary EXCO gas-gathering and transportation assets and entered into agreements to support the joint development and growth of these assets; and
Entered into a joint development agreement with EXCO to co-operate in the development and production of onshore shale and tight gas resources across 14 counties and parishes in East Texas and North Louisiana.
Both the midstream and upstream transaction were granted regulatory approval by the Federal Trade Commission on 17 July. "
"BG Group has announced the closing of the upstream and midstream acquisitions as part of the previously announced alliance with EXCO Resources Inc. (NYSE:XCO).
After closing adjustments to make the economic effective date of the upstream acquisition and joint development operations 1 January 2009, consideration for the upstream portion of the alliance is US$1 127.0m. This consists of US$727.0m plus US$400m to be paid as a carry of 75% of EXCO's future costs to develop the Haynesville shale gas. Following similar closing adjustments, the consideration paid for the midstream portion of the alliance is US$269.2m.
Under the terms of the alliance, BG Group has:
Acquired 50% interest in 120 000 net acres in EXCO's upstream leases in a defined area of East Texas and North Louisiana, which encompasses the Haynesville shale, the prospective Bossier shale and the Cotton Valley tight gas sands formations;
Added 2.6 trillion standard cubic feet (tcf) to BG Group's net potential resources, with current net production of 90 million standard cubic feet per day (mmscfd), anticipated to increase to some 250 mmscfd in 2012, net to BG Group;
Acquired a 50% interest in a newly formed company that will hold related and complementary EXCO gas-gathering and transportation assets and entered into agreements to support the joint development and growth of these assets; and
Entered into a joint development agreement with EXCO to co-operate in the development and production of onshore shale and tight gas resources across 14 counties and parishes in East Texas and North Louisiana.
Both the midstream and upstream transaction were granted regulatory approval by the Federal Trade Commission on 17 July. "
required field - 28 Aug 2009 15:36 - 41 of 215
To me this is looking undervalued when compared to others...good production and a massive discovery in Brazil which will be coming online in a couple of years...I would have put a 13 or 14 pound tag on this...and yet, just will not climb....
halifax - 28 Aug 2009 15:40 - 42 of 215
what's in it for shareholders the dividend is pathetic compared to BP and Shell, only hope is a bid, pricey compared to other majors.
required field - 28 Aug 2009 15:46 - 43 of 215
The dividend is not good but I bet they will increase it soon....but the production and profits to come are going to increase by a lot.
halifax - 28 Aug 2009 15:49 - 44 of 215
rf lets hope so but as will those of BP and Shell.
HARRYCAT
- 01 Sep 2009 09:06
- 45 of 215
"BG Group today announced the completion of an exchange of equity interests in certain North Sea production assets with subsidiaries of BP plc (LSE: BP.L).
With effect from midnight 31 August, 2009, BG Group acquired BP's entire equity in the Everest, Lomond and Armada fields and part of BP's equity in the Erskine field, operated by Chevron (NYSE: CVX). In return, BG Group transferred all of its equity interests in all fields in the Southern North Sea to BP.
BG Group also became operator of the Everest and Lomond fields, with effect from midnight 31 August, 2009. It will continue to operate the Armada field.
BG Group's Executive Vice President and Managing Director, Europe and Central Asia, Mark Carne said: 'BG Group believes that significant potential remains in the UK Continental Shelf. While it is a mature basin, it is still a highly promising area and we remain one of the most active players. This agreement demonstrates our commitment to the UKCS. It consolidates and strengthens our UK interests in this region and will allow the production efficiency of mature fields to be increased and smaller fields to be developed more economically."
With effect from midnight 31 August, 2009, BG Group acquired BP's entire equity in the Everest, Lomond and Armada fields and part of BP's equity in the Erskine field, operated by Chevron (NYSE: CVX). In return, BG Group transferred all of its equity interests in all fields in the Southern North Sea to BP.
BG Group also became operator of the Everest and Lomond fields, with effect from midnight 31 August, 2009. It will continue to operate the Armada field.
BG Group's Executive Vice President and Managing Director, Europe and Central Asia, Mark Carne said: 'BG Group believes that significant potential remains in the UK Continental Shelf. While it is a mature basin, it is still a highly promising area and we remain one of the most active players. This agreement demonstrates our commitment to the UKCS. It consolidates and strengthens our UK interests in this region and will allow the production efficiency of mature fields to be increased and smaller fields to be developed more economically."
espaceman6 - 08 Sep 2009 16:51 - 46 of 215
Ok , what's happening ? Nearly 12million trades. I was back in yesterday after a long absence -just by chance. Any ideas ?
required field - 09 Sep 2009 09:00 - 47 of 215
Good flow rates from BG. today...this in a few years time will make them a fortune...
HARRYCAT
- 09 Sep 2009 11:01
- 48 of 215
"Oil and gas explorer BG Group said the test results on its 30% owned Guara discovery in the Santos Basin off the coast of Brazil were excellent.
The discovery, jointly owned with the operator Petrobras, which holds a 45% stake, and Repsol (25%), is estimated to contain recoverable volumes of 1.1bn to 2.0bn barrels of oil equivalent.
Test data suggests that a permanent production well would be capable of producing initial rates of up to 50 000 barrels of oil equivalent per day (boepd).
BG and its partners expect the well to go into full production in 2012.
'Partners are fully aligned on continuing work to accelerate the full appraisal and development of these resources, with activities ongoing and planned at Tupi, Abare-West, Corcovado, Iracema, Iara, Carioca and Parati, said BG Group chief executive Frank Chapman.
It is clear that the Santos Basin pre-salt will make a very material contribution to the production and cash flow of BG Group for many years to come,' Chapman added."
The discovery, jointly owned with the operator Petrobras, which holds a 45% stake, and Repsol (25%), is estimated to contain recoverable volumes of 1.1bn to 2.0bn barrels of oil equivalent.
Test data suggests that a permanent production well would be capable of producing initial rates of up to 50 000 barrels of oil equivalent per day (boepd).
BG and its partners expect the well to go into full production in 2012.
'Partners are fully aligned on continuing work to accelerate the full appraisal and development of these resources, with activities ongoing and planned at Tupi, Abare-West, Corcovado, Iracema, Iara, Carioca and Parati, said BG Group chief executive Frank Chapman.
It is clear that the Santos Basin pre-salt will make a very material contribution to the production and cash flow of BG Group for many years to come,' Chapman added."
HARRYCAT
- 15 Sep 2009 08:17
- 49 of 215
New discovery: Abare West in the pre-salt, Santos Basin, Brazil
BG Group (30%) and partners Petrobras (45%, operator) and Repsol (25%) today announced another new discovery in the Santos Basin pre-salt BM-S-9 concession area, offshore Brazil.
The well, 4-SPS-66C (4-BRSA-732C) known as Abare West, proved the presence of an accumulation of oil and natural gas in a separate structure within the 1-SPS-50 evaluation plan area on BM-S-9. The evaluation plan area also encompasses the separate Iguacu (4-BRSA-709 (4-SPS-60), announced April 2009) and Carioca discoveries (1-BRSA-491-SPS (1-SPS-50), announced September 2007). Abare West is approximately 30 kilometres from the Iguacu discovery and 40 km from the Carioca discovery and 50 km to the west of the Guara discovery (1-BRSA-494-SPS), also in the BM-S-9 concession, announced June 2008.
Abare West is in 2163 metres of water, approximately 290 km off the coast of Sao Paulo State and encountered a hydrocarbon column containing oil, gas and carbon dioxide in pre-salt reservoir sections. The well will be fully analysed and the forward plan for this discovery will be incorporated into the evaluation plan for this accumulation approved by ANP.
BG Group Chief Executive Frank Chapman said: 'Abare West further extends an outstanding sequence for BG Group and partners operating in the Santos Basin, with eight discoveries in three years.'
BG Group (30%) and partners Petrobras (45%, operator) and Repsol (25%) today announced another new discovery in the Santos Basin pre-salt BM-S-9 concession area, offshore Brazil.
The well, 4-SPS-66C (4-BRSA-732C) known as Abare West, proved the presence of an accumulation of oil and natural gas in a separate structure within the 1-SPS-50 evaluation plan area on BM-S-9. The evaluation plan area also encompasses the separate Iguacu (4-BRSA-709 (4-SPS-60), announced April 2009) and Carioca discoveries (1-BRSA-491-SPS (1-SPS-50), announced September 2007). Abare West is approximately 30 kilometres from the Iguacu discovery and 40 km from the Carioca discovery and 50 km to the west of the Guara discovery (1-BRSA-494-SPS), also in the BM-S-9 concession, announced June 2008.
Abare West is in 2163 metres of water, approximately 290 km off the coast of Sao Paulo State and encountered a hydrocarbon column containing oil, gas and carbon dioxide in pre-salt reservoir sections. The well will be fully analysed and the forward plan for this discovery will be incorporated into the evaluation plan for this accumulation approved by ANP.
BG Group Chief Executive Frank Chapman said: 'Abare West further extends an outstanding sequence for BG Group and partners operating in the Santos Basin, with eight discoveries in three years.'
required field - 15 Sep 2009 08:47 - 50 of 215
Shame this isn't a smaller mid-cap because the sp would go through the roof on discoveries like this....
skinny
- 11 Oct 2009 10:43
- 51 of 215
HARRYCAT
- 25 Oct 2009 15:53
- 52 of 215
The week ahead (Digitallook):
"Oil and gas firm BG Group is also set to see third quarter post-tax profits fall, probably to around 450m, compared to 777m a year earlier. The company conceded at the half-year stage that there is a possibility it could fail to meet its full year production targets, so analysts will be keen to study third quarter output levels (28/10/09)."
"Oil and gas firm BG Group is also set to see third quarter post-tax profits fall, probably to around 450m, compared to 777m a year earlier. The company conceded at the half-year stage that there is a possibility it could fail to meet its full year production targets, so analysts will be keen to study third quarter output levels (28/10/09)."
skinny
- 25 Oct 2009 16:50
- 53 of 215
Yes interims on wed (28th) - should be interesting!
HARRYCAT
- 28 Oct 2009 12:44
- 54 of 215
From Merrill Lynch 28.10.09
BG reported 3Q09 adjusted net income of GBP 474mn, 8% above BofAMLe and the consensus.
The low charge in the current quarter reflects an adjustment for the first nine months due to revised 42% FY09 tax charge guidance (from 42.5%). At the operating level, 3Q09 adjusted operating profit of GBP856mn, 2% ahead of the consensus but in line with our GBP855mn.
At the divisional level, the operating beat was largely driven by a stronger showing in the LNG and T&D divisions. The LNG division enjoyed stronger trading profits than anticipated as the company exploited widening gas price differentials between the Atlantic basin and Asia.
On production guidance, a modest disappointment with production on Hasdrubal now set to start on 30th November, driving the miss in 3Q volumes and likely pulling our 4Q09 production down approximately 10kbbl/d. BG, in our view, remains a core holding amongst the European large-cap oils. Our positive investment thesis on the shares is predicated on its (1) Sectorleading volumes growth (7% CAGR) to 2012, driven by a quality upstream portfolio; (2) a strong global LNG position, whose competitive advantage is set to extend as new production sources (Egypt, Nigeria and Australia) come onstream and (3) an attractive cost base. With the shares trading at an 11% discount to our 1,260p/sh NAV, we see good value in the shares post recent underperformance. We reiterate our Buy recommendation.
BG reported 3Q09 adjusted net income of GBP 474mn, 8% above BofAMLe and the consensus.
The low charge in the current quarter reflects an adjustment for the first nine months due to revised 42% FY09 tax charge guidance (from 42.5%). At the operating level, 3Q09 adjusted operating profit of GBP856mn, 2% ahead of the consensus but in line with our GBP855mn.
At the divisional level, the operating beat was largely driven by a stronger showing in the LNG and T&D divisions. The LNG division enjoyed stronger trading profits than anticipated as the company exploited widening gas price differentials between the Atlantic basin and Asia.
On production guidance, a modest disappointment with production on Hasdrubal now set to start on 30th November, driving the miss in 3Q volumes and likely pulling our 4Q09 production down approximately 10kbbl/d. BG, in our view, remains a core holding amongst the European large-cap oils. Our positive investment thesis on the shares is predicated on its (1) Sectorleading volumes growth (7% CAGR) to 2012, driven by a quality upstream portfolio; (2) a strong global LNG position, whose competitive advantage is set to extend as new production sources (Egypt, Nigeria and Australia) come onstream and (3) an attractive cost base. With the shares trading at an 11% discount to our 1,260p/sh NAV, we see good value in the shares post recent underperformance. We reiterate our Buy recommendation.
HARRYCAT
- 13 Nov 2009 08:18
- 55 of 215
Business Financial Newswire
"BG Group has confirmed that a new well - Tupi North-East - has been found on block BM-S-11 in the Santos Basin offshore Brazil.
Tupi North-East is located in the Tupi evaluation area in a water depth of 2115 metres, approximately 265km from Rio de Janeiro.
The well is 18 kilometres to the north-east of the Tupi discovery well (1-RJS-628 or 1-BRSA-369).
Partners Petrobras (65%, operator), BG Group (25%) and Galp (10%) drilled the well which penetrated an approximately 250 metre thick section of carbonate reservoirs.
Wireline testing confirmed the presence of light oil at approximately 28 API.
This is a further successful appraisal well which reinforces the partners' estimates that the Tupi accumulation holds 5-8 billion barrels oil equivalent of recoverable reserves.
Drilling on Tupi North-East has been concluded and drill stem tests to evaluate reservoir productivity will be conducted over the next few weeks. "
"BG Group has confirmed that a new well - Tupi North-East - has been found on block BM-S-11 in the Santos Basin offshore Brazil.
Tupi North-East is located in the Tupi evaluation area in a water depth of 2115 metres, approximately 265km from Rio de Janeiro.
The well is 18 kilometres to the north-east of the Tupi discovery well (1-RJS-628 or 1-BRSA-369).
Partners Petrobras (65%, operator), BG Group (25%) and Galp (10%) drilled the well which penetrated an approximately 250 metre thick section of carbonate reservoirs.
Wireline testing confirmed the presence of light oil at approximately 28 API.
This is a further successful appraisal well which reinforces the partners' estimates that the Tupi accumulation holds 5-8 billion barrels oil equivalent of recoverable reserves.
Drilling on Tupi North-East has been concluded and drill stem tests to evaluate reservoir productivity will be conducted over the next few weeks. "
HARRYCAT
- 19 Nov 2009 08:23
- 56 of 215
Business Financial Newswire
"BG Group has revealed record productivity from well tests on the Iracema appraisal well in the Tupi area in the Santos Basin.
BG Group (25%) and partners Petrobras (65% and operator) and GALP (10%) have completed two drill stem tests on the Iracema well in the BM-S-11 appraisal area in the Santos Basin pre-salt, offshore Brazil.
DSTs were carried out over two zones with aggregate production amounting to 10,500 barrels oil per day of light 32 API oil and 17 million standard cubic feet per day (mmscfd) of gas.
The Iracema appraisal well has confirmed the presence of an excellent quality light oil bearing reservoir, 33 kilometres north-west of the original Tupi discovery well
The well in-flow performance recorded during the tests was the highest so far achieved in BG Group's Santos Basin interests.
Ultimately, development well flow rates of up to 50,000 barrels oil equivalent per day (boepd) are anticipated.
These rates being constrained by production facilities rather than reservoir performance. "
"BG Group has revealed record productivity from well tests on the Iracema appraisal well in the Tupi area in the Santos Basin.
BG Group (25%) and partners Petrobras (65% and operator) and GALP (10%) have completed two drill stem tests on the Iracema well in the BM-S-11 appraisal area in the Santos Basin pre-salt, offshore Brazil.
DSTs were carried out over two zones with aggregate production amounting to 10,500 barrels oil per day of light 32 API oil and 17 million standard cubic feet per day (mmscfd) of gas.
The Iracema appraisal well has confirmed the presence of an excellent quality light oil bearing reservoir, 33 kilometres north-west of the original Tupi discovery well
The well in-flow performance recorded during the tests was the highest so far achieved in BG Group's Santos Basin interests.
Ultimately, development well flow rates of up to 50,000 barrels oil equivalent per day (boepd) are anticipated.
These rates being constrained by production facilities rather than reservoir performance. "
HARRYCAT
- 09 Dec 2009 09:24
- 57 of 215
"BG Group (25%) and partners Petrobras (65% and operator) and Galp (10%) have announced the conclusion of the formation test on the Iara well (1-BRSA-618-RJS or 1-RJS-656) in the BM-S-11 appraisal area in the Santos Basin pre-salt, offshore Brazil.
The tests proved the exploration potential of the area by producing light 28 API oil and confirmed the estimated recoverable volumes for Iara to be in the order of 3 to 4 billion barrels of light oil and natural gas, as announced in September 2008.
The well tested is located in water depth of 2230 metres and approximately 230 kilometres from the coast of Rio de Janeiro State. Due to the need to relocate the rig, the test on the well was not fully completed and another well is planned to be drilled in this area in 2010.
The consortia formed by Petrobras, BG Group and Galp will continue with the exploration activities and investment required for the appraisal of the Iara field in accordance with the Evaluation Plan approved by the Brazilian National Petroleum Agency (ANP)."
The tests proved the exploration potential of the area by producing light 28 API oil and confirmed the estimated recoverable volumes for Iara to be in the order of 3 to 4 billion barrels of light oil and natural gas, as announced in September 2008.
The well tested is located in water depth of 2230 metres and approximately 230 kilometres from the coast of Rio de Janeiro State. Due to the need to relocate the rig, the test on the well was not fully completed and another well is planned to be drilled in this area in 2010.
The consortia formed by Petrobras, BG Group and Galp will continue with the exploration activities and investment required for the appraisal of the Iara field in accordance with the Evaluation Plan approved by the Brazilian National Petroleum Agency (ANP)."
HARRYCAT
- 01 Feb 2010 10:28
- 58 of 215
Interim results being reported 5th Feb '10.
11.01.10 "BG Group target price raised to 1500p from 1300p at Citigroup, stays at buy"
11.01.10 "BG Group target price raised to 1500p from 1300p at Citigroup, stays at buy"
HARRYCAT
- 05 Feb 2010 08:43
- 59 of 215
Business Financial Newswire
"BG Group said production volumes were up 4% for the full-year. Lower gas and oil prices resulted in an 18% fall in revenue and other operating income. Earnings per share were 67.3p and the full-year dividend was increased by 10% to 12.35p.
LNG showed a total operating profit of 1.55bn
The group reported strong cash flow from operations of 4.9bn and total reserves and resources up by 10% to 14.5bn.
Lower gas and oil prices resulted in an 18% fall in revenue and other operating income.
Despite a 37% drop in Brent oil prices and a 53% fall in Henry Hub gas prices, total operating profit was 21% lower as these price declines were partially offset by a 4% increase in E&P production volumes, a strong performance from the LNG segment, the recovery of past gas costs at Comg and the effect of a stronger US Dollar.
Net finance costs were 144m and included foreign exchange gains of 25m.
The Group's effective tax rate (including BG Group's share of joint ventures and associates tax) was 42% (2008 42.5%) for the full year.
Cash generated by operations was 4.895bn (2008 6.274bn). As at end-December 2009, net debt was 2.956bn and the gearing ratio of the Group was 17%.
In the fourth quarter, weaker prices caused a decline in revenue and other operating income of 10%. The fall in prices was partially offset by the positive effects of 8% growth in E&P production volumes and the recovery of past gas costs at Comg, in Brazil, resulting in a 3% fall in total operating profit to 1.108bn.
Cash generated by operations was 1.329bn (2008: 1.922bn). Net finance costs for the quarter were 36m.
Capital investment in the quarter was 1.093bn reflecting continuing investment in E&P (724m), LNG (172m), T&D (49m) and Power (148m). "
"BG Group said production volumes were up 4% for the full-year. Lower gas and oil prices resulted in an 18% fall in revenue and other operating income. Earnings per share were 67.3p and the full-year dividend was increased by 10% to 12.35p.
LNG showed a total operating profit of 1.55bn
The group reported strong cash flow from operations of 4.9bn and total reserves and resources up by 10% to 14.5bn.
Lower gas and oil prices resulted in an 18% fall in revenue and other operating income.
Despite a 37% drop in Brent oil prices and a 53% fall in Henry Hub gas prices, total operating profit was 21% lower as these price declines were partially offset by a 4% increase in E&P production volumes, a strong performance from the LNG segment, the recovery of past gas costs at Comg and the effect of a stronger US Dollar.
Net finance costs were 144m and included foreign exchange gains of 25m.
The Group's effective tax rate (including BG Group's share of joint ventures and associates tax) was 42% (2008 42.5%) for the full year.
Cash generated by operations was 4.895bn (2008 6.274bn). As at end-December 2009, net debt was 2.956bn and the gearing ratio of the Group was 17%.
In the fourth quarter, weaker prices caused a decline in revenue and other operating income of 10%. The fall in prices was partially offset by the positive effects of 8% growth in E&P production volumes and the recovery of past gas costs at Comg, in Brazil, resulting in a 3% fall in total operating profit to 1.108bn.
Cash generated by operations was 1.329bn (2008: 1.922bn). Net finance costs for the quarter were 36m.
Capital investment in the quarter was 1.093bn reflecting continuing investment in E&P (724m), LNG (172m), T&D (49m) and Power (148m). "
HARRYCAT
- 23 Mar 2010 13:36
- 60 of 215
23 March 2010
BG Group agrees to sell US Power Assets
"BG Group today announced that it has signed a Sale and Purchase Agreement with Energy Capital Partners for the sale of all of its power plants in the USA for a total consideration of US$450 million.
The power plants to be sold under this agreement are:
Dighton power plant (168 MW) located in Dighton, Massachusetts;
Lake Road power plant (812 MW) located in Killingly, Connecticut; and
Masspower power plant (264 MW) located in Indian Orchard, Massachusetts.
Closing of the transaction is subject to receiving the customary Federal and State regulatory approvals. The transaction is expected to complete in second quarter 2010."
BG Group agrees to sell US Power Assets
"BG Group today announced that it has signed a Sale and Purchase Agreement with Energy Capital Partners for the sale of all of its power plants in the USA for a total consideration of US$450 million.
The power plants to be sold under this agreement are:
Dighton power plant (168 MW) located in Dighton, Massachusetts;
Lake Road power plant (812 MW) located in Killingly, Connecticut; and
Masspower power plant (264 MW) located in Indian Orchard, Massachusetts.
Closing of the transaction is subject to receiving the customary Federal and State regulatory approvals. The transaction is expected to complete in second quarter 2010."
HARRYCAT
- 24 Mar 2010 08:09
- 61 of 215
24 March 2010
"BG Group confirms high productivity from well tests on Tupi North-East in the Santos Basin, Brazil
BG Group (25%) and partners, Petrobras (65% and operator) and GALP (10%), have completed a drill stem test (DST) on the Tupi North-East well (3-BRSA-755A-RJS or 3-RJS-622A) in the BM-S-11 appraisal area in the Santos Basin pre-salt, offshore Brazil.
The DST carried out confirmed high productivity of some 5 000 barrels oil per day (bopd) of light oil (28 API). Flow rates were constrained by the test facility capacity. Potential production from the well is estimated at around 30 000 bopd.
The Tupi North-East appraisal well has confirmed the widespread presence of an excellent quality, light oil bearing reservoir with high production capacity across the Tupi field. These appraisal results are in line with the previous excellent well test productivity recorded in the Tupi Sul well1 confirmed by a subsequent extended well test during the last 12 months.
The Tupi North-East DST result builds upon the confirmation of record productivity from DSTs on the Iracema well in the same concession area 30 kilometres north-west of the Tupi North-East well, and previously announced in November 2009".
"BG Group confirms high productivity from well tests on Tupi North-East in the Santos Basin, Brazil
BG Group (25%) and partners, Petrobras (65% and operator) and GALP (10%), have completed a drill stem test (DST) on the Tupi North-East well (3-BRSA-755A-RJS or 3-RJS-622A) in the BM-S-11 appraisal area in the Santos Basin pre-salt, offshore Brazil.
The DST carried out confirmed high productivity of some 5 000 barrels oil per day (bopd) of light oil (28 API). Flow rates were constrained by the test facility capacity. Potential production from the well is estimated at around 30 000 bopd.
The Tupi North-East appraisal well has confirmed the widespread presence of an excellent quality, light oil bearing reservoir with high production capacity across the Tupi field. These appraisal results are in line with the previous excellent well test productivity recorded in the Tupi Sul well1 confirmed by a subsequent extended well test during the last 12 months.
The Tupi North-East DST result builds upon the confirmation of record productivity from DSTs on the Iracema well in the same concession area 30 kilometres north-west of the Tupi North-East well, and previously announced in November 2009".
skinny
- 24 Mar 2010 08:55
- 62 of 215
BG Group agrees record $40bn deal to export coal-seam gas to China
BG Group, the oil and gas producer, is poised to sign a contract worth an estimated $40 billion a record for the company to supply natural gas to China.
BG Group, the oil and gas producer, is poised to sign a contract worth an estimated $40 billion a record for the company to supply natural gas to China.
HARRYCAT
- 08 Apr 2010 07:38
- 63 of 215
"BG Group (25%) and partners, Petrobras (65% and operator) and GALP (10%), have successfully completed drilling a Tupi field appraisal well (3-RJS-666) in the BM-S-11 licence area, Santos Basin pre-salt, offshore Brazil.
The step-out appraisal well, designed to test the outer limits of the expected reservoir in the Tupi field, has confirmed the presence of hydrocarbons. Results of this and other wells previously drilled confirm Tupi's estimated recoverable resource to be 5 to 8 billion barrels of light oil and natural gas.
Further evaluation of the well data is ongoing and work on optimising field development options continues to move ahead rapidly. BG Group and its partners will continue with the activities and investments foreseen in the Evaluation Plan approved by the Brazilian National Petroleum Agency (ANP), including the drilling of further wells in the area. Oil and gas production from the first module of the Tupi development is expected by the end of 2010.
Drilling on Tupi appraisal well (3-RJS-666), in the BM-S-11 appraisal area, commenced in January 2010. The well is situated 12.5 kilometres north of the original Tupi discovery well (1-RJS-628A or 1-BRSA-369A) in 2 115 metres of water, approximately 265 kilometres from the Rio de Janeiro coastline."
The step-out appraisal well, designed to test the outer limits of the expected reservoir in the Tupi field, has confirmed the presence of hydrocarbons. Results of this and other wells previously drilled confirm Tupi's estimated recoverable resource to be 5 to 8 billion barrels of light oil and natural gas.
Further evaluation of the well data is ongoing and work on optimising field development options continues to move ahead rapidly. BG Group and its partners will continue with the activities and investments foreseen in the Evaluation Plan approved by the Brazilian National Petroleum Agency (ANP), including the drilling of further wells in the area. Oil and gas production from the first module of the Tupi development is expected by the end of 2010.
Drilling on Tupi appraisal well (3-RJS-666), in the BM-S-11 appraisal area, commenced in January 2010. The well is situated 12.5 kilometres north of the original Tupi discovery well (1-RJS-628A or 1-BRSA-369A) in 2 115 metres of water, approximately 265 kilometres from the Rio de Janeiro coastline."
skinny
- 29 Apr 2010 07:57
- 64 of 215
1st quarter results.
Earnings per share of 33.2 cents, up 13%
QCLNG Engineering, Procurement and Construction contracts signed
Contract signed with CNOOC for 20-year sale of 3.6 mtpa of LNG from QCLNG
Heads of agreement with Tokyo Gas for 20-year sale of 1.2 mtpa of LNG from QCLNG
Further development progress and successful appraisal results on Tupi, Santos Basin, Brazil
Acquisition of further US shale gas interests
Disposal of US power plants and BG Group's interest in Seabank in the UK
Earnings per share of 33.2 cents, up 13%
QCLNG Engineering, Procurement and Construction contracts signed
Contract signed with CNOOC for 20-year sale of 3.6 mtpa of LNG from QCLNG
Heads of agreement with Tokyo Gas for 20-year sale of 1.2 mtpa of LNG from QCLNG
Further development progress and successful appraisal results on Tupi, Santos Basin, Brazil
Acquisition of further US shale gas interests
Disposal of US power plants and BG Group's interest in Seabank in the UK
mase1 - 01 May 2010 21:09 - 65 of 215
Hi
what does anybody know about enquest,? which was part of petrofac, looks interesting,
mase1
what does anybody know about enquest,? which was part of petrofac, looks interesting,
mase1
HARRYCAT
- 10 May 2010 08:46
- 66 of 215
Business Financial Newswire
"BG Group has entered into further joint venture arrangements with its US shale partner, EXCO Resources.
BG Group will acquire a 50% interest in companies that hold EXCO's producing and non-producing assets in the Appalachian Basin, located primarily in Pennsylvania and West Virginia.
BG Group will acquire a 50% interest in a total of 654 000 net acres in the Appalachian Basin; increase its estimated net gas resources by 2.4 trillion standard cubic feet (tcf) and pay a total consideration of $950m equating to an estimated unit resource cost of $0.40 per thousand cubic feet (mcf).
BG Group and EXCO will establish a 50-50 joint venture company to operate the upstream assets and a 50-50 midstream joint venture company to invest in gathering and transportation, both to be based in Pittsburgh.
The management board of the operator joint venture company will be made up of an equal number of executives from BG Group and from EXCO. BG Group will also acquire approximately 5900 shallow producing wells owned and operated by EXCO, many of which secure ongoing ownership of deeper Marcellus rights.
These shallow assets are currently producing 35 million standard cubic feet per day (mmcfd).
Under the joint venture agreement, BG Group and EXCO will each have the right to participate in further acreage acquired by either party in the Appalachian Basin. "
"BG Group has entered into further joint venture arrangements with its US shale partner, EXCO Resources.
BG Group will acquire a 50% interest in companies that hold EXCO's producing and non-producing assets in the Appalachian Basin, located primarily in Pennsylvania and West Virginia.
BG Group will acquire a 50% interest in a total of 654 000 net acres in the Appalachian Basin; increase its estimated net gas resources by 2.4 trillion standard cubic feet (tcf) and pay a total consideration of $950m equating to an estimated unit resource cost of $0.40 per thousand cubic feet (mcf).
BG Group and EXCO will establish a 50-50 joint venture company to operate the upstream assets and a 50-50 midstream joint venture company to invest in gathering and transportation, both to be based in Pittsburgh.
The management board of the operator joint venture company will be made up of an equal number of executives from BG Group and from EXCO. BG Group will also acquire approximately 5900 shallow producing wells owned and operated by EXCO, many of which secure ongoing ownership of deeper Marcellus rights.
These shallow assets are currently producing 35 million standard cubic feet per day (mmcfd).
Under the joint venture agreement, BG Group and EXCO will each have the right to participate in further acreage acquired by either party in the Appalachian Basin. "
HARRYCAT
- 22 Jun 2010 08:38
- 67 of 215
StockMarketWire.com
BG Group downgraded to neutral from buy at Goldman Sachs
"BG remains structurally one of the best positioned companies in the sector, in our view, with one of the best portfolio of new assets globally (it is a winner in our Top 280 analysis), top-quartile cash returns and superior management. Our GS SUSTAIN team also identifies BG as a winner and maintains it on the GS SUSTAIN Focus List.
We believe that these characteristics are likely to lead to outperformance in the long term. However, on a 12-month view, the stocks valuation looks nearly full and there is a risk of delays in some of its key development areas. In Brazil there is a risk of tighter regulation after the Macondo spill; in Australia, the FID of Curtis LNG will depend on an agreement with the government on the application of the Henry tax law; in Kazakhstan any new development in Karachaganak might depend on an agreement with the government regarding the current ownership structure.
Our 12-month SOTP-based target price is 1,355p (from 1,400p), including risked exploration upside in Brazil. The stock trades on an EV/DACF of 11.0x and a P/E of 14.5x in 2011E (vs. the sector on 4.6x and 6.3x respectively). The 3% reduction in the target price is due to our lower oil price assumptions."
BG Group downgraded to neutral from buy at Goldman Sachs
"BG remains structurally one of the best positioned companies in the sector, in our view, with one of the best portfolio of new assets globally (it is a winner in our Top 280 analysis), top-quartile cash returns and superior management. Our GS SUSTAIN team also identifies BG as a winner and maintains it on the GS SUSTAIN Focus List.
We believe that these characteristics are likely to lead to outperformance in the long term. However, on a 12-month view, the stocks valuation looks nearly full and there is a risk of delays in some of its key development areas. In Brazil there is a risk of tighter regulation after the Macondo spill; in Australia, the FID of Curtis LNG will depend on an agreement with the government on the application of the Henry tax law; in Kazakhstan any new development in Karachaganak might depend on an agreement with the government regarding the current ownership structure.
Our 12-month SOTP-based target price is 1,355p (from 1,400p), including risked exploration upside in Brazil. The stock trades on an EV/DACF of 11.0x and a P/E of 14.5x in 2011E (vs. the sector on 4.6x and 6.3x respectively). The 3% reduction in the target price is due to our lower oil price assumptions."
HARRYCAT
- 24 Jun 2010 08:31
- 68 of 215
StockMarketWire.com
"BG Group has confirmed the success of a new well, Tupi Alto, on block BM-S-11 in the Santos Basin offshore Brazil.
This is the seventh consecutive successful well on the Tupi accumulation and confirms the extended presence of light oil.
Wireline testing confirmed the presence of light oil at approximately 30 API and excellent reservoir properties across the key Sag reservoir.
The information obtained from this well and other wells already drilled, reinforces the estimate of a potential 5-8 billion barrels of recoverable light oil and natural gas from the Tupi pre-salt reservoirs.
BG Group chief executive Frank Chapman said: "The Tupi Alto well, in conjunction with the trend seen in previous Tupi appraisal wells, has confirmed excellent reservoir properties over a wide area in the Tupi field.
"Appraisal results continue to confirm the reservoir models in Tupi, Iracema and Guara by giving better definition in crestal areas and on the flanks of the fields.
"The results continue to de-risk the production outlook for these assets and allow us to optimise field development planning and capital efficiency."
The Tupi Alto well, drilled by partners Petrobras (65%, operator), BG Group (25%) and Galp (10%), is located in the Tupi evaluation area in a water depth of 2 111 metres, approximately 275 km from Rio de Janeiro. "
"BG Group has confirmed the success of a new well, Tupi Alto, on block BM-S-11 in the Santos Basin offshore Brazil.
This is the seventh consecutive successful well on the Tupi accumulation and confirms the extended presence of light oil.
Wireline testing confirmed the presence of light oil at approximately 30 API and excellent reservoir properties across the key Sag reservoir.
The information obtained from this well and other wells already drilled, reinforces the estimate of a potential 5-8 billion barrels of recoverable light oil and natural gas from the Tupi pre-salt reservoirs.
BG Group chief executive Frank Chapman said: "The Tupi Alto well, in conjunction with the trend seen in previous Tupi appraisal wells, has confirmed excellent reservoir properties over a wide area in the Tupi field.
"Appraisal results continue to confirm the reservoir models in Tupi, Iracema and Guara by giving better definition in crestal areas and on the flanks of the fields.
"The results continue to de-risk the production outlook for these assets and allow us to optimise field development planning and capital efficiency."
The Tupi Alto well, drilled by partners Petrobras (65%, operator), BG Group (25%) and Galp (10%), is located in the Tupi evaluation area in a water depth of 2 111 metres, approximately 275 km from Rio de Janeiro. "
skinny
- 02 Jul 2010 13:48
- 69 of 215
Bg Group agrees to sell its interest in Premier Power Limited
BG Group today announced that it has signed a Share Sale Agreement with AES
Ballylumford Holdings Limited, a wholly owned subsidiary of AES Corporation, for
the sale of Premier Power Limited, a wholly owned subsidiary of BG Group, for a
total consideration of GBP99 million (approximately $150 million).
Premier Power Limited operates the 1 246 MW power plant located at Ballylumford
in Northern Ireland.
Closing of the transaction is subject to receiving the customary regulatory
approvals. The transaction is expected to complete in the second half 2010.
BG Group today announced that it has signed a Share Sale Agreement with AES
Ballylumford Holdings Limited, a wholly owned subsidiary of AES Corporation, for
the sale of Premier Power Limited, a wholly owned subsidiary of BG Group, for a
total consideration of GBP99 million (approximately $150 million).
Premier Power Limited operates the 1 246 MW power plant located at Ballylumford
in Northern Ireland.
Closing of the transaction is subject to receiving the customary regulatory
approvals. The transaction is expected to complete in the second half 2010.
HARRYCAT
- 28 Jul 2010 09:31
- 70 of 215
StockMarketWire.com
Second quarter earnings at BG Group fell 21% to $602m, compared with $761m during the same period a year earlier.
Earnings for the first half were 12% down at $1,562m.
Group revenues for the half year totalled $4,160m - up from $3,478m last time.
Pre-tax profits fell to $1,028m from $1,369m with a loss on disposals of $494m in the period.
Chief executive Frank Chapman said: "These are good results, accompanied by continued progress with the delivery of our growth plans.
"We had further appraisal success in the Santos Basin, offshore Brazil, and production from our first permanent production facility on Tupi is expected later this year.
"In Australia, our total reserves and resources are now 2.9 billion boe, and we remain on track to sanction the QCLNG project later this year. We have substantially increased our total US shale gas reserves and resources to over 1.3 billion boe."
Second quarter earnings at BG Group fell 21% to $602m, compared with $761m during the same period a year earlier.
Earnings for the first half were 12% down at $1,562m.
Group revenues for the half year totalled $4,160m - up from $3,478m last time.
Pre-tax profits fell to $1,028m from $1,369m with a loss on disposals of $494m in the period.
Chief executive Frank Chapman said: "These are good results, accompanied by continued progress with the delivery of our growth plans.
"We had further appraisal success in the Santos Basin, offshore Brazil, and production from our first permanent production facility on Tupi is expected later this year.
"In Australia, our total reserves and resources are now 2.9 billion boe, and we remain on track to sanction the QCLNG project later this year. We have substantially increased our total US shale gas reserves and resources to over 1.3 billion boe."
required field - 05 Aug 2010 12:28 - 71 of 215
Starting to look undervalued here.....with big prospects being turned into production.....I'm expecting a rebound back to above 11 soon as long as crude holds up....
skinny
- 20 Aug 2010 08:58
- 72 of 215
I see the Shell bid is doing the rounds again!
grevis2 - 20 Aug 2010 10:30 - 73 of 215
http://www.ft.com/cms/s/0/959a13e2-ab5c-11df-abee-00144feabdc0.html
Oil bid talk sees BG stand firm in a falling market
By Michael Hunter
Published: August 19 2010 09:23 | Last updated: August 19 2010 20:41
BG Group stood firm against a falling London market amid renewed rumours of oil sector consolidation.
BG was in focus on talk that it had been targeted by two possible bidders willing to pay at least 16 a share. Such a price tag would value BG at nearly 54bn.
Petrobras, Gazprom, Exxon Mobil and Royal Dutch Shell have been cited as potential predators for BG in the past, traders said.
Sterlings weakness may also work in a bidders favour with BG stock down 40 per cent in dollar terms in slightly more than two years.
Investors difficulty in valuing BGs important fields in Brazil, Kazakhstan and Australia made it a credible takeover target, analysts said.
JPMorgan Cazenove has estimated that the shares, down 0.6 per cent to 10.30 yesterday, stand at a 30 per cent discount to net asset value.
Oil bid talk sees BG stand firm in a falling market
By Michael Hunter
Published: August 19 2010 09:23 | Last updated: August 19 2010 20:41
BG Group stood firm against a falling London market amid renewed rumours of oil sector consolidation.
BG was in focus on talk that it had been targeted by two possible bidders willing to pay at least 16 a share. Such a price tag would value BG at nearly 54bn.
Petrobras, Gazprom, Exxon Mobil and Royal Dutch Shell have been cited as potential predators for BG in the past, traders said.
Sterlings weakness may also work in a bidders favour with BG stock down 40 per cent in dollar terms in slightly more than two years.
Investors difficulty in valuing BGs important fields in Brazil, Kazakhstan and Australia made it a credible takeover target, analysts said.
JPMorgan Cazenove has estimated that the shares, down 0.6 per cent to 10.30 yesterday, stand at a 30 per cent discount to net asset value.
grevis2 - 28 Sep 2010 10:49 - 74 of 215
From another BB:
"What is firing this stock is the Brazilian assets, that are due to be valued in November. BG, Shell, Exxon, and a few others, signed on to the Brazilian leases before the government then stamped down on such generous terms. Basically, the government did not realize it was sitting on gigantic petroleum reserves. The markets makers want to pick up the stock as cheaply as they can before any formal announcement. This has the makings of a singular event. Be wary, but there is a lot of promise on the upside. Brazil is the future, not Greenland."
"What is firing this stock is the Brazilian assets, that are due to be valued in November. BG, Shell, Exxon, and a few others, signed on to the Brazilian leases before the government then stamped down on such generous terms. Basically, the government did not realize it was sitting on gigantic petroleum reserves. The markets makers want to pick up the stock as cheaply as they can before any formal announcement. This has the makings of a singular event. Be wary, but there is a lot of promise on the upside. Brazil is the future, not Greenland."
grevis2 - 01 Oct 2010 16:42 - 75 of 215
London Evening Standard
Drama surrounds BG as City chatter has Shell ready to lunge
Today, the City's biggest gossips were talking up the chances of a bid for the oil explorer of 18-a-share.
So who was the rumoured predator? Step forward Royal Dutch Shell, the oil titan who is said to be keen to increase its oil and gas reserves in Australia. Shell is often thought the most likely to pounce on BG, although most of the sector's biggest names - including Petrobas, ExxonMobil and China's Sinopec - have been mooted as potential suitors in the past.
Investors seemed keen on today's yarn, however, with BG surging 63p to 1182p. Almost 8.5 million shares changed hands by 11.15, above the average daily trade. BG was also helped higher by news that Repsol, its Spanish partner in its Brazilian operations, had announced a $17.8 billion (11.2 billion) tie-up with Sinopec to develop its projects in the area.
Drama surrounds BG as City chatter has Shell ready to lunge
Today, the City's biggest gossips were talking up the chances of a bid for the oil explorer of 18-a-share.
So who was the rumoured predator? Step forward Royal Dutch Shell, the oil titan who is said to be keen to increase its oil and gas reserves in Australia. Shell is often thought the most likely to pounce on BG, although most of the sector's biggest names - including Petrobas, ExxonMobil and China's Sinopec - have been mooted as potential suitors in the past.
Investors seemed keen on today's yarn, however, with BG surging 63p to 1182p. Almost 8.5 million shares changed hands by 11.15, above the average daily trade. BG was also helped higher by news that Repsol, its Spanish partner in its Brazilian operations, had announced a $17.8 billion (11.2 billion) tie-up with Sinopec to develop its projects in the area.
HARRYCAT
- 18 Oct 2010 11:20
- 76 of 215
From the Sunday Times:
"Last week brought a twist. Shares in the 40 billion company rose on speculation that CNOOC, Chinas state-owned gas giant, could be sizing it up. The conventional wisdom is that such a bid is extremely unlikely. Beijng taking control of one of Britains business behemoths? Surely not.
But the thinking behind it throws up some interesting questions. BG is focused on three growth areas: the gas-rich coal seams of Australia; the giant oil fields in the deep water off Brazil; and shale gas resources in the American south and Midwest.
Now consider what China has been up to. Two weeks ago Sinopec, CNOOCs sister company, paid $7.1 billion (4.4 billion) for a minority stake in Repsol, the Spanish oil group that owns rights to the Brazilian deepwater fields.
Ten days later, CNOOC paid $1 billion for part of a giant shale field in Texas. Last year it signed a 20-year deal to take gas from BGs coal-seam gas project in Australia. Maybe the rumour-mongers have a point?
It is no secret that the worlds most populous nation is desperate to get its hands on oil. The 50 billion that BG would fetch is too rich for just about anyone except the Chinese government.
The trick is for BGs chief executive, Frank Chapman, to close the valuation gap between the price at which bankers think he would be willing to sell call it 18 a share and its current trading price of 11.67.
He may have trouble doing that by simply staying the course. If BG meets his rosiest projections, in a decade the company will be producing 1.6m barrels of oil and gas a day up from an average 644,000 last year.
Making that leap depends on the tricky business of exploiting its vast resources deep under the ocean and in tight geological formations on land. BP has demonstrated the perils that await. Unsurprisingly, investors are nervous.
One option suggested by analysts at HSBC would be to reduce risk, and costs, by selling a minority stake in BGs Brazilian arm to, say, the Chinese. A 40% stake would, on the Repsol multiple, yield $15 billion half of which could go back to investors through a special dividend. That would certainly give a bump to BGs shares. As Chapman knows well, the best defence is a high share price."
"Last week brought a twist. Shares in the 40 billion company rose on speculation that CNOOC, Chinas state-owned gas giant, could be sizing it up. The conventional wisdom is that such a bid is extremely unlikely. Beijng taking control of one of Britains business behemoths? Surely not.
But the thinking behind it throws up some interesting questions. BG is focused on three growth areas: the gas-rich coal seams of Australia; the giant oil fields in the deep water off Brazil; and shale gas resources in the American south and Midwest.
Now consider what China has been up to. Two weeks ago Sinopec, CNOOCs sister company, paid $7.1 billion (4.4 billion) for a minority stake in Repsol, the Spanish oil group that owns rights to the Brazilian deepwater fields.
Ten days later, CNOOC paid $1 billion for part of a giant shale field in Texas. Last year it signed a 20-year deal to take gas from BGs coal-seam gas project in Australia. Maybe the rumour-mongers have a point?
It is no secret that the worlds most populous nation is desperate to get its hands on oil. The 50 billion that BG would fetch is too rich for just about anyone except the Chinese government.
The trick is for BGs chief executive, Frank Chapman, to close the valuation gap between the price at which bankers think he would be willing to sell call it 18 a share and its current trading price of 11.67.
He may have trouble doing that by simply staying the course. If BG meets his rosiest projections, in a decade the company will be producing 1.6m barrels of oil and gas a day up from an average 644,000 last year.
Making that leap depends on the tricky business of exploiting its vast resources deep under the ocean and in tight geological formations on land. BP has demonstrated the perils that await. Unsurprisingly, investors are nervous.
One option suggested by analysts at HSBC would be to reduce risk, and costs, by selling a minority stake in BGs Brazilian arm to, say, the Chinese. A 40% stake would, on the Repsol multiple, yield $15 billion half of which could go back to investors through a special dividend. That would certainly give a bump to BGs shares. As Chapman knows well, the best defence is a high share price."
skinny
- 22 Oct 2010 14:48
- 77 of 215
Tanzania exploration well encounters hydrocarbons
TIDMBG.
RNS Number : 8661U
Bg Group plc
22 October 2010
News Release
22 October 2010
Tanzania exploration well encounters hydrocarbons
Bg Group (60%) today announced that the Pweza-1 exploration well, located in Block 4 approximately 85 kilometres offshore southern Tanzania and in a water depth of 1 400 metres, has demonstrated the presence of a working hydrocarbon system after encountering gas-bearing sands.
In May 2010, BG Group received consent from the government of the United Republic of Tanzania to farm-in to interests held by Ophir Energy plc (as operator) offshore southern Tanzania in Blocks 1, 3 and 4 of the Mafia Deep Offshore Basin and northern portion of the Ruvuma Basin.
Pweza-1 is the first of a three-well initial work programme planned for Blocks 1, 3 and 4. The programme also includes the acquisition of 4 000 square kilometres of 3D seismic data. BG Group has the option to assume operatorship of all three Blocks upon completion of the initial work programme.
TIDMBG.
RNS Number : 8661U
Bg Group plc
22 October 2010
News Release
22 October 2010
Tanzania exploration well encounters hydrocarbons
Bg Group (60%) today announced that the Pweza-1 exploration well, located in Block 4 approximately 85 kilometres offshore southern Tanzania and in a water depth of 1 400 metres, has demonstrated the presence of a working hydrocarbon system after encountering gas-bearing sands.
In May 2010, BG Group received consent from the government of the United Republic of Tanzania to farm-in to interests held by Ophir Energy plc (as operator) offshore southern Tanzania in Blocks 1, 3 and 4 of the Mafia Deep Offshore Basin and northern portion of the Ruvuma Basin.
Pweza-1 is the first of a three-well initial work programme planned for Blocks 1, 3 and 4. The programme also includes the acquisition of 4 000 square kilometres of 3D seismic data. BG Group has the option to assume operatorship of all three Blocks upon completion of the initial work programme.
HARRYCAT
- 25 Oct 2010 11:37
- 78 of 215
StockMarketWire.com
BG Group has today confirmed that the ninth Tupi well, offshore of Rio de Janeiro, was successful, confirming the presence of a light oil accumulation.
The well was drilled at a water depth of 2 152 metres, approximately 295 kilometres off the coast of Rio de Janeiro State, and 11 kilometres southeast of well 3-RJS-646 (3-BRSA-496), where drill stem testing is being conducted in pre-salt reservoirs.
Oil samples taken during wireline tests in well 3-RJS-678 confirmed the presence of a light (approximately 28 degree API) oil accumulation. The well encountered a 128-metre reservoir section and located the oil/water contact in the Tupi accumulation at the deepest of the potential depths previously being considered, further reducing uncertainty in estimating hydrocarbon volumes for the Tupi area.
BG Group has today confirmed that the ninth Tupi well, offshore of Rio de Janeiro, was successful, confirming the presence of a light oil accumulation.
The well was drilled at a water depth of 2 152 metres, approximately 295 kilometres off the coast of Rio de Janeiro State, and 11 kilometres southeast of well 3-RJS-646 (3-BRSA-496), where drill stem testing is being conducted in pre-salt reservoirs.
Oil samples taken during wireline tests in well 3-RJS-678 confirmed the presence of a light (approximately 28 degree API) oil accumulation. The well encountered a 128-metre reservoir section and located the oil/water contact in the Tupi accumulation at the deepest of the potential depths previously being considered, further reducing uncertainty in estimating hydrocarbon volumes for the Tupi area.
HARRYCAT
- 28 Oct 2010 08:43
- 79 of 215
StockMarketWire.com
BG Group has started production from the first permanent floating production, storage and offloading vessel on the Tupi field in the Santos Basin, offshore Brazil.
The FPSO 'Cidade de Angra dos Reis' - which is initially connected to well RJS-660 (known as Tupi-P1) - is expected to produce up to 100,000 barrels of oil per day and up to 177 million standard cubic feet of gas per day.
The Tupi-P1 FPSO is located close to the 3-RJS-646 well (Tupi Sul) where the FPSO 'Cidade de Sao Vicente' has been conducting an extended well test since May 2009.
The EWT has produced 7 million barrels of oil to date.
BG Group CEO Frank Chapman said: "The extensive exploration and appraisal programme, and subsequent analysis to date, confirms the huge resource potential, excellent reservoir characteristics and robust economics of the Tupi/Iracema discovery.
"Extended well testing and the commissioning of the first permanent Tupi facilities, delivers tangible momentum and certainty to our development plans in a play that underpins a substantial part of BG Group's growth plan extending over the next decade."
BG Group has started production from the first permanent floating production, storage and offloading vessel on the Tupi field in the Santos Basin, offshore Brazil.
The FPSO 'Cidade de Angra dos Reis' - which is initially connected to well RJS-660 (known as Tupi-P1) - is expected to produce up to 100,000 barrels of oil per day and up to 177 million standard cubic feet of gas per day.
The Tupi-P1 FPSO is located close to the 3-RJS-646 well (Tupi Sul) where the FPSO 'Cidade de Sao Vicente' has been conducting an extended well test since May 2009.
The EWT has produced 7 million barrels of oil to date.
BG Group CEO Frank Chapman said: "The extensive exploration and appraisal programme, and subsequent analysis to date, confirms the huge resource potential, excellent reservoir characteristics and robust economics of the Tupi/Iracema discovery.
"Extended well testing and the commissioning of the first permanent Tupi facilities, delivers tangible momentum and certainty to our development plans in a play that underpins a substantial part of BG Group's growth plan extending over the next decade."
skinny
- 02 Nov 2010 07:50
- 80 of 215
3rd Quarter Results
RNS Number : 4192V
BG GROUP plc
02 November 2010
BG Group plc
2010 THIRD QUARTER RESULTS
Third Quarter Business Performance(a) Highlights
� Earnings per share of 28.9 cents, up 27% year-on-year
� Queensland Curtis LNG project sanctioned following Federal environmental
approval
� Capex guidance for two-year period 2011-12 increased from $16.5 billion to
$18.5 billion
� First production from 100 000 bopd FPSO facility on Tupi field, offshore
Brazil
� Certified gross resources upgrade of 2.7 bboe to Tupi, Iracema and Guar�
fields, offshore Brazil
� UK government approves first phase of Jasmine development
BG Group's Chief Executive, Frank Chapman said:
"Alongside a set of good quarterly results, we have made significant progress in
the delivery of our growth plans for the decade ahead. In Brazil, we have
brought onstream the first Tupi permanent facilities and we have announced a
very significant resources upgrade on the Tupi, Iracema and Guar� fields. In
Australia, we have realised a pivotal strategic objective with the sanction of
the Queensland Curtis LNG project. This further globalises our LNG business by
establishing a new and material source of equity LNG in the Asia-Pacific arena."
BG Group has today announced a certified upgrade to gross resources on Tupi,
Iracema and Guar�. This is available online at www.bg-group.com
RNS Number : 4192V
BG GROUP plc
02 November 2010
BG Group plc
2010 THIRD QUARTER RESULTS
Third Quarter Business Performance(a) Highlights
� Earnings per share of 28.9 cents, up 27% year-on-year
� Queensland Curtis LNG project sanctioned following Federal environmental
approval
� Capex guidance for two-year period 2011-12 increased from $16.5 billion to
$18.5 billion
� First production from 100 000 bopd FPSO facility on Tupi field, offshore
Brazil
� Certified gross resources upgrade of 2.7 bboe to Tupi, Iracema and Guar�
fields, offshore Brazil
� UK government approves first phase of Jasmine development
BG Group's Chief Executive, Frank Chapman said:
"Alongside a set of good quarterly results, we have made significant progress in
the delivery of our growth plans for the decade ahead. In Brazil, we have
brought onstream the first Tupi permanent facilities and we have announced a
very significant resources upgrade on the Tupi, Iracema and Guar� fields. In
Australia, we have realised a pivotal strategic objective with the sanction of
the Queensland Curtis LNG project. This further globalises our LNG business by
establishing a new and material source of equity LNG in the Asia-Pacific arena."
BG Group has today announced a certified upgrade to gross resources on Tupi,
Iracema and Guar�. This is available online at www.bg-group.com
skinny
- 02 Nov 2010 07:52
- 81 of 215
BG reports substantial Brazilian resource upgrade
Oi and gas producer, BG Group has reported a 2.7 billion barrels of oil upgrade to fields offshore Brazil.
BG Group's new aggregate best estimate of economically recoverable gross resources for these fields amounts to 10.8 billion boe, representing a 34% increase to the 8.1 billion boe mid-point of the Group's previous indicative resource range.
Oi and gas producer, BG Group has reported a 2.7 billion barrels of oil upgrade to fields offshore Brazil.
BG Group's new aggregate best estimate of economically recoverable gross resources for these fields amounts to 10.8 billion boe, representing a 34% increase to the 8.1 billion boe mid-point of the Group's previous indicative resource range.
HARRYCAT
- 02 Nov 2010 07:54
- 82 of 215
.
HARRYCAT
- 01 Dec 2010 12:10
- 83 of 215
Second Tanzanian well also discovers gas.
"BG Group today announced that its second Tanzanian exploration well, Chewa-1, has also discovered gas. The well, located in Block 4 approximately 80 kilometres offshore southern Tanzania in a water depth of around 1 300 metres, is some eight kilometres north-west of BG Group's Pweza-1 gas discovery announced in October*.
Chewa-1, operated by Ophir Energy plc (40%), is the second of a three-well initial work programme planned for Blocks 1, 3 and 4 offshore southern Tanzania. The initial work programme also includes the acquisition of 4 000 square kilometres of 3D seismic data. BG Group (60%) has the option to assume operatorship of all three Blocks upon completion of the initial work programme.
BG Group Chief Executive Frank Chapman said: "This is an encouraging start to our campaign in Tanzania. We have a large acreage position to explore and an extensive exploration programme will be needed to assess the full potential of this new play."
"BG Group today announced that its second Tanzanian exploration well, Chewa-1, has also discovered gas. The well, located in Block 4 approximately 80 kilometres offshore southern Tanzania in a water depth of around 1 300 metres, is some eight kilometres north-west of BG Group's Pweza-1 gas discovery announced in October*.
Chewa-1, operated by Ophir Energy plc (40%), is the second of a three-well initial work programme planned for Blocks 1, 3 and 4 offshore southern Tanzania. The initial work programme also includes the acquisition of 4 000 square kilometres of 3D seismic data. BG Group (60%) has the option to assume operatorship of all three Blocks upon completion of the initial work programme.
BG Group Chief Executive Frank Chapman said: "This is an encouraging start to our campaign in Tanzania. We have a large acreage position to explore and an extensive exploration programme will be needed to assess the full potential of this new play."
skinny
- 09 Dec 2010 09:17
- 84 of 215
BG Group announces update on Tupi and Guarfields
BG Group today announced an update on the Tupi and Guarfields in the Santos Basin, offshore Brazil. The update relates to the first two Floating Production, Storage and Offloading (FPSO) vessels on the Tupi field and the first FPSO on the Guarfield.
The first FPSO on the Tupi field has a production capacity of 100 000 barrels of oil per day (bopd) and up to 177 million standard cubic feet of gas per day (mmscfd). It commenced production in
October 2010. The second FPSO on the Tupi field is due onstream in 2013 and will have a production capacity of 120 000 bopd and 177 mmscfd of gas. A similar FPSO will be deployed on Guarand is also due onstream in 2013. All three FPSOs will be leased.
BG Group today announced an update on the Tupi and Guarfields in the Santos Basin, offshore Brazil. The update relates to the first two Floating Production, Storage and Offloading (FPSO) vessels on the Tupi field and the first FPSO on the Guarfield.
The first FPSO on the Tupi field has a production capacity of 100 000 barrels of oil per day (bopd) and up to 177 million standard cubic feet of gas per day (mmscfd). It commenced production in
October 2010. The second FPSO on the Tupi field is due onstream in 2013 and will have a production capacity of 120 000 bopd and 177 mmscfd of gas. A similar FPSO will be deployed on Guarand is also due onstream in 2013. All three FPSOs will be leased.
HARRYCAT
- 15 Dec 2010 08:46
- 85 of 215
StockMarketWire.com
BG Group has made a gas discovery at its first well in China.
The discovery was made on block 64/11 offshore China after the Lingshui 22-1-1 exploration well encountered gas-bearing sands.
The well is in the deepwater Qiongdongnan Basin in the South China Sea, approximately 130 kilometres offshore and in a water depth of 1338 metres.
BG Group will now conduct further analysis of the well results to increase understanding of the hydrocarbon potential in the block.
CEO Frank Chapman said: "This is an encouraging result from our first well offshore China, where our licence area encompasses three blocks spanning some 15 000 square kilometres adjacent to large and rapidly growing Chinese gas markets."
BG Group plans to continue its exploration programme in 2011, with a second well to be completed early in the year and the acquisition of 1500 square kilometres of 3D seismic data on block 63/16.
BG Group has made a gas discovery at its first well in China.
The discovery was made on block 64/11 offshore China after the Lingshui 22-1-1 exploration well encountered gas-bearing sands.
The well is in the deepwater Qiongdongnan Basin in the South China Sea, approximately 130 kilometres offshore and in a water depth of 1338 metres.
BG Group will now conduct further analysis of the well results to increase understanding of the hydrocarbon potential in the block.
CEO Frank Chapman said: "This is an encouraging result from our first well offshore China, where our licence area encompasses three blocks spanning some 15 000 square kilometres adjacent to large and rapidly growing Chinese gas markets."
BG Group plans to continue its exploration programme in 2011, with a second well to be completed early in the year and the acquisition of 1500 square kilometres of 3D seismic data on block 63/16.
HARRYCAT
- 16 Dec 2010 08:20
- 86 of 215
StockMarketWire.com
BG Group has confirmed that the 11th well on the BM-S-11 concession in the Santos Basin, offshore Brazil, was successful.
The well - designated as 3-BRSA-865A-RJS and informally known as Tupi W - was drilled at a water depth of 2139 metres, approximately 275 kilometres off the coast of Rio de Janeiro State, and 11 kilometres northwest of the original Tupi discovery well.
Oil samples taken during wireline tests confirmed the presence of a light oil accumulation (approximately 28 API).
The well encountered a 90-metre reservoir section on the western flank of Tupi helping further delineate the size and quality of the field.
Further testing will now be conducted on the 3-RJS-677A well and if those results confirm the initial productivity data, the consortium will consider the allocation of a floating production, storage and offloading vessel to the west area of Tupi.
BG Group has confirmed that the 11th well on the BM-S-11 concession in the Santos Basin, offshore Brazil, was successful.
The well - designated as 3-BRSA-865A-RJS and informally known as Tupi W - was drilled at a water depth of 2139 metres, approximately 275 kilometres off the coast of Rio de Janeiro State, and 11 kilometres northwest of the original Tupi discovery well.
Oil samples taken during wireline tests confirmed the presence of a light oil accumulation (approximately 28 API).
The well encountered a 90-metre reservoir section on the western flank of Tupi helping further delineate the size and quality of the field.
Further testing will now be conducted on the 3-RJS-677A well and if those results confirm the initial productivity data, the consortium will consider the allocation of a floating production, storage and offloading vessel to the west area of Tupi.
HARRYCAT
- 29 Dec 2010 14:20
- 87 of 215
StockMarketWire.com
A declaration of commerciality has been filed for the Tupi and Iracema areas offshore Brazil, BG Group said today (29 December).
The declaration has been filed with the Brazilian National Agency of Petroleum, Natural Gas and Biofuels by BG Group's partner, Petroleo Brasileiro, as the operator of BM-S-11 block in Santos Basin.
The names 'Lula' and 'Cernambi' have been suggested for Tupi and Iracema respectively.
Evaluation and development plans for both fields are also being submitted with the DoC to ANP.
The DoC notification to the ANP also includes the operator's estimates of total recoverable volumes associated with the initial stage of development of the two fields.
The DoC was made after the execution of the exploration and appraisal program in the area which started with the first well drilled in October 2006.
The 11 wells drilled in both areas and the extended well test within the Tupi area, which started in April 2009, provided the main information for the basis for the volume estimates and development plans for the Lula and Cernambi fields.
A declaration of commerciality has been filed for the Tupi and Iracema areas offshore Brazil, BG Group said today (29 December).
The declaration has been filed with the Brazilian National Agency of Petroleum, Natural Gas and Biofuels by BG Group's partner, Petroleo Brasileiro, as the operator of BM-S-11 block in Santos Basin.
The names 'Lula' and 'Cernambi' have been suggested for Tupi and Iracema respectively.
Evaluation and development plans for both fields are also being submitted with the DoC to ANP.
The DoC notification to the ANP also includes the operator's estimates of total recoverable volumes associated with the initial stage of development of the two fields.
The DoC was made after the execution of the exploration and appraisal program in the area which started with the first well drilled in October 2006.
The 11 wells drilled in both areas and the extended well test within the Tupi area, which started in April 2009, provided the main information for the basis for the volume estimates and development plans for the Lula and Cernambi fields.
HARRYCAT
- 07 Jan 2011 08:08
- 88 of 215
StockMarketWire.com
BG Group upgraded to buy from hold at Deutsche, TP raised to 1500p from 1330p.
BG Group upgraded to buy from hold at Deutsche, TP raised to 1500p from 1330p.
skinny
- 26 Jan 2011 08:59
- 89 of 215
BG Group has confirmed a new discovery of light oil in block BM-S-9 in the Santos Basin, offshore Brazil.
The discovery well 3-BRSA-861-SPS - informally known as Carioca North-East - is located in a water depth of 2 151 metres, approximately 275 kilometres off the coast of S Paulo state and nine kilometres north-east of the original Carioca discovery well.
Initial analysis of the discovery has confirmed the presence of a light oil accumulation (approximately 26 API) in a 200-metre reservoir section.
Drilling on Carioca North-East has been concluded and drill stem tests will be conducted in due course.
BG Group has a 30% interest in block BM-S-9 which is comprised of two appraisal areas - Guarand Carioca (Petrobras 45%, operator and Repsol 25%).
The discovery well 3-BRSA-861-SPS - informally known as Carioca North-East - is located in a water depth of 2 151 metres, approximately 275 kilometres off the coast of S Paulo state and nine kilometres north-east of the original Carioca discovery well.
Initial analysis of the discovery has confirmed the presence of a light oil accumulation (approximately 26 API) in a 200-metre reservoir section.
Drilling on Carioca North-East has been concluded and drill stem tests will be conducted in due course.
BG Group has a 30% interest in block BM-S-9 which is comprised of two appraisal areas - Guarand Carioca (Petrobras 45%, operator and Repsol 25%).
darreng10000 - 03 Mar 2011 10:04 - 90 of 215
Blue Chip Bulletin: BG Group venture confirms quality oil site
http://www.whatinvestment.co.uk/trading/share-dealing/uk-companies/1606523/blue-chip-bulletin-bg-group-venture-confirms-quality-oil-site.thtml
http://www.whatinvestment.co.uk/trading/share-dealing/uk-companies/1606523/blue-chip-bulletin-bg-group-venture-confirms-quality-oil-site.thtml
skinny
- 10 May 2011 08:21
- 91 of 215
BG takes tax hit
StockMarketWire.com
Oil and gas producer BG Group said higher UK North Sea tax will reduce first-quarter earnings by $265m. Total Q1 operating profit was up 1% at $1.965bn.
LNG operating profit for 2011 is expected towards upper end of $1.9bn to $2.2bn range.
Revenue and other operating income increased by 7% to $4.803bn, reflecting the benefit of higher realised prices, partially offset by lower E&P production volumes.
Total operating profit of $1.965bn was 1% higher, as the increase in revenue and other operating income was offset by a higher exploration charge and lower profits from the LNG segment.
Cash generated by operations was $1.799bn, in line with fourth quarter 2010, but 28% lower than last year, principally reflecting changes in working capital associated with margin calls on the Group's hedged LNG contracts. The cash outflow associated with margin calls will reverse in future periods when the underlying LNG contracts settle.
Net finance costs were $79m (2010 $10m) included foreign exchange losses of $22m (2010 $51m gains).
The Group's effective tax rate (including BG Group's share of joint venture and associates' tax) for 2011 increased to 45% (2010 42%) primarily as a result of the recently announced change in UK North Sea taxation. This increase in UK taxation led to an additional charge of $265m, consisting of a $62m charge for the quarter in addition to a one-off tax charge of $203m in respect of the revision of opening deferred tax balances. Taking into account this tax rate change, the Group's effective tax rate is expected to be 43% to 44% in the near term and trend downwards thereafter as more of the Group's profits are generated from outside of the North Sea.
As at 31st March 2011, the Group's net debt was $8.51bn, with an average maturity of around 9 years, and the gearing ratio was 23%.
In the quarter, capital expenditure was 21% higher at $2.296bn (including acquisitions of $319m).
A post-tax charge of $223mfor the quarter (2010 $66m credit) was recorded in respect of disposals, re-measurements and impairments.
Group CEO, Frank Chapman said: 'It was a challenging quarter for our E&P operations, with civil unrest in North Africa, flooding in Australia, an increase in UK tax and a shutdown in the North Sea. We now expect modest production growth in 2011. The plans for a ramp-up in production in 2012 and 2013, as well as our 2020 goals, are unaffected and are supported by significant progress with our growth projects in Brazil, the USA and Australia, as well as further exploration and appraisal success in Brazil and Tanzania.'
StockMarketWire.com
Oil and gas producer BG Group said higher UK North Sea tax will reduce first-quarter earnings by $265m. Total Q1 operating profit was up 1% at $1.965bn.
LNG operating profit for 2011 is expected towards upper end of $1.9bn to $2.2bn range.
Revenue and other operating income increased by 7% to $4.803bn, reflecting the benefit of higher realised prices, partially offset by lower E&P production volumes.
Total operating profit of $1.965bn was 1% higher, as the increase in revenue and other operating income was offset by a higher exploration charge and lower profits from the LNG segment.
Cash generated by operations was $1.799bn, in line with fourth quarter 2010, but 28% lower than last year, principally reflecting changes in working capital associated with margin calls on the Group's hedged LNG contracts. The cash outflow associated with margin calls will reverse in future periods when the underlying LNG contracts settle.
Net finance costs were $79m (2010 $10m) included foreign exchange losses of $22m (2010 $51m gains).
The Group's effective tax rate (including BG Group's share of joint venture and associates' tax) for 2011 increased to 45% (2010 42%) primarily as a result of the recently announced change in UK North Sea taxation. This increase in UK taxation led to an additional charge of $265m, consisting of a $62m charge for the quarter in addition to a one-off tax charge of $203m in respect of the revision of opening deferred tax balances. Taking into account this tax rate change, the Group's effective tax rate is expected to be 43% to 44% in the near term and trend downwards thereafter as more of the Group's profits are generated from outside of the North Sea.
As at 31st March 2011, the Group's net debt was $8.51bn, with an average maturity of around 9 years, and the gearing ratio was 23%.
In the quarter, capital expenditure was 21% higher at $2.296bn (including acquisitions of $319m).
A post-tax charge of $223mfor the quarter (2010 $66m credit) was recorded in respect of disposals, re-measurements and impairments.
Group CEO, Frank Chapman said: 'It was a challenging quarter for our E&P operations, with civil unrest in North Africa, flooding in Australia, an increase in UK tax and a shutdown in the North Sea. We now expect modest production growth in 2011. The plans for a ramp-up in production in 2012 and 2013, as well as our 2020 goals, are unaffected and are supported by significant progress with our growth projects in Brazil, the USA and Australia, as well as further exploration and appraisal success in Brazil and Tanzania.'
scimitar
- 16 May 2011 12:29
- 92 of 215
Any views on why the SP seems to be falling so rapidly? The changed north sea tax regime is surely not the answer?
skinny
- 30 Jun 2011 08:09
- 93 of 215
BG Group raises Santos Basin net potential to 8 billion barrels of oil equivalent
BG Group today issued a material upgrade for its interests in the pre-salt Santos Basin, offshore Brazil. Mean Total Reserves and Resources* are now estimated to amount to some 6 billion barrels of oil equivalent (boe) net to BG Group, with an upside potential of 8 billion boe net. Existing discoveries account for 96% of the mean Total Reserves and Resources.
The mean Total Reserves and Resources represents a doubling of BG Group's previous best estimate of 3 billion boe prevailing at the time of the Group's February 2010 Strategy Presentation.
BG Group today issued a material upgrade for its interests in the pre-salt Santos Basin, offshore Brazil. Mean Total Reserves and Resources* are now estimated to amount to some 6 billion barrels of oil equivalent (boe) net to BG Group, with an upside potential of 8 billion boe net. Existing discoveries account for 96% of the mean Total Reserves and Resources.
The mean Total Reserves and Resources represents a doubling of BG Group's previous best estimate of 3 billion boe prevailing at the time of the Group's February 2010 Strategy Presentation.
skinny
- 26 Jul 2011 07:14
- 94 of 215
Half Year Results.
RNS Number : 0281L
BG GROUP plc
26 July 2011
BG Group plc
2011 SECOND QUARTER & HALF YEAR RESULTS
Second Quarter Key Points
-- Earnings up 27%; cash generated by operations up 11%
-- Interim dividend of 10.8 cents per share, up 10%
-- Reserves and resources doubled in Brazil since 2010; upside potential now 8 billion boe net
-- Brazil reservoir performance significantly reduces unit costs; unit resource value increased
-- Lifted first one million barrels of equity oil from Lula field
-- Assumed operatorship offshore Tanzania; agreements to operate offshore Kenya
BG Group's Chief Executive, Sir Frank Chapman said:
"We made good progress in both our E&P and LNG businesses. In Brazil, we saw major increases in our reserves and resources; with the new resources delivering a higher unit value as their production is expected to require no additional surface facilities. We have invested $4.4bn in organic growth in the first half and made good progress across our major growth projects in Australia, Brazil and the USA; progress that continues to de-risk the delivery of our growth programme."
RNS Number : 0281L
BG GROUP plc
26 July 2011
BG Group plc
2011 SECOND QUARTER & HALF YEAR RESULTS
Second Quarter Key Points
-- Earnings up 27%; cash generated by operations up 11%
-- Interim dividend of 10.8 cents per share, up 10%
-- Reserves and resources doubled in Brazil since 2010; upside potential now 8 billion boe net
-- Brazil reservoir performance significantly reduces unit costs; unit resource value increased
-- Lifted first one million barrels of equity oil from Lula field
-- Assumed operatorship offshore Tanzania; agreements to operate offshore Kenya
BG Group's Chief Executive, Sir Frank Chapman said:
"We made good progress in both our E&P and LNG businesses. In Brazil, we saw major increases in our reserves and resources; with the new resources delivering a higher unit value as their production is expected to require no additional surface facilities. We have invested $4.4bn in organic growth in the first half and made good progress across our major growth projects in Australia, Brazil and the USA; progress that continues to de-risk the delivery of our growth programme."
skinny
- 26 Jul 2011 12:17
- 95 of 215
Edited - wrong thread!
HARRYCAT
- 26 Jul 2011 12:25
- 96 of 215
A touch of dyslexia, skinny???
skinny
- 26 Jul 2011 12:38
- 97 of 215
Harry - I had an early start :-)
HARRYCAT
- 16 Sep 2011 12:10
- 98 of 215
From FT:
"Chinese oil companies have been circling BGs fast-growing Brazilian business, according to people familiar with the situation. Several industry specialists said BG had considered the sale of a minority stake in its thriving oil and gas business and that Chinese oil companies had been among those interested in the asset.
One person familar with the matter said there had been talks with at least one Chinese oil company. Among the companies rumoured as potential investors include China National Petroleum Corp and Sinopec, the nations largest refiner. The companies declined to comment
BG has got fantastic discoveries. The question is how do they pay for it all, said one of the people familiar with the matter. One option is to bring in a partner."
"Chinese oil companies have been circling BGs fast-growing Brazilian business, according to people familiar with the situation. Several industry specialists said BG had considered the sale of a minority stake in its thriving oil and gas business and that Chinese oil companies had been among those interested in the asset.
One person familar with the matter said there had been talks with at least one Chinese oil company. Among the companies rumoured as potential investors include China National Petroleum Corp and Sinopec, the nations largest refiner. The companies declined to comment
BG has got fantastic discoveries. The question is how do they pay for it all, said one of the people familiar with the matter. One option is to bring in a partner."
HARRYCAT
- 16 Sep 2011 13:15
- 99 of 215
Shares in BG Group were helped higher by speculation that two Chinese oil companies are interested in acquiring BGs Brazilian business, which UniCredit believes could act as a catalyst for the stock.
Given the recent resource estimates increase, it is possible that BG is considering ways to fund its Brazilian developments. This is why the article could act as a catalyst for the stock, given that a potential disposal of part of the assets could add significant value to the stock, said analyst Stefano Vitali.
UniCredit raises the target price on the stock to 1,880p, from 1,800p, and retains its buy recommendation.
Given the recent resource estimates increase, it is possible that BG is considering ways to fund its Brazilian developments. This is why the article could act as a catalyst for the stock, given that a potential disposal of part of the assets could add significant value to the stock, said analyst Stefano Vitali.
UniCredit raises the target price on the stock to 1,880p, from 1,800p, and retains its buy recommendation.
HARRYCAT
- 28 Sep 2011 13:34
- 100 of 215
Note from Golman Sachs:
"BGs share price performance this year has been lackluster: down 12% ytd in US$ terms, barely outperforming its peers. Yet, the outlook across its business has improved materially: LNG pricing is up 77% ytd; the resource base in Brazil has doubled in size; the Tanzania acreage has yielded interesting discoveries. BG is the only European integrated oil company on the global GS SUSTAIN Focus List, which identifies companies that are likely to maintain returns leadership through superior industrial positioning and ESG scores. We expect BGs high-return, high-impact portfolio to underpin sector leading growth for the next decade.
3Q results are not likely to be a catalyst for the stock, given that high maintenance in the North Sea is likely to dampen E&P results. We believe the key event in the next six months is the February strategy presentation, which has consistently been a positive catalyst for the past six years. We also believe the 4Q results could show very strong profitability in LNG, as the spread vs. Henry Hub is at historical highs, while E&P would benefit from the re-start of the North Sea production. BGs exposure to some of the most attractive new hydrocarbon developments in the world (Brazil deepwater, CBM to LNG in Australia, unconventional gas in the US) could attract the interest of NOCs eager to gain access to these new technological frontiers. We believe that BG could do some very attractive farm-outs of its assets."
"BGs share price performance this year has been lackluster: down 12% ytd in US$ terms, barely outperforming its peers. Yet, the outlook across its business has improved materially: LNG pricing is up 77% ytd; the resource base in Brazil has doubled in size; the Tanzania acreage has yielded interesting discoveries. BG is the only European integrated oil company on the global GS SUSTAIN Focus List, which identifies companies that are likely to maintain returns leadership through superior industrial positioning and ESG scores. We expect BGs high-return, high-impact portfolio to underpin sector leading growth for the next decade.
3Q results are not likely to be a catalyst for the stock, given that high maintenance in the North Sea is likely to dampen E&P results. We believe the key event in the next six months is the February strategy presentation, which has consistently been a positive catalyst for the past six years. We also believe the 4Q results could show very strong profitability in LNG, as the spread vs. Henry Hub is at historical highs, while E&P would benefit from the re-start of the North Sea production. BGs exposure to some of the most attractive new hydrocarbon developments in the world (Brazil deepwater, CBM to LNG in Australia, unconventional gas in the US) could attract the interest of NOCs eager to gain access to these new technological frontiers. We believe that BG could do some very attractive farm-outs of its assets."
skinny
- 03 Oct 2011 13:09
- 101 of 215
Back in these today @1207.
HARRYCAT
- 03 Oct 2011 13:13
- 102 of 215
.
Rumours around again today of a chinese interest.
Rumours around again today of a chinese interest.
skinny
- 25 Oct 2011 07:14
- 103 of 215
3rd Quarter Results.
Total operating profit up 17% year-on-year to $1.9 billion
Cash flow from operations up 59% year-on-year to $2.7 billion
Production up 1%, held back by outages at UK facilities which are now back onstream
2011 LNG total operating profit now expected to be above guidance at some $2.4 billion
Long-term LNG supply agreement signed with Gujarat State Petroleum Corporation, India
Lula to Mexilh gas pipeline, offshore Brazil, commenced operations
All 13 first phase FPSO vessels now committed for BM-S-9 and BM-S-11, offshore Brazil
Good progress on the QCLNG project, with $1.3 billion invested in the quarter
In October, $3 billion of bonds issued with maturities from five to thirty years
Total operating profit up 17% year-on-year to $1.9 billion
Cash flow from operations up 59% year-on-year to $2.7 billion
Production up 1%, held back by outages at UK facilities which are now back onstream
2011 LNG total operating profit now expected to be above guidance at some $2.4 billion
Long-term LNG supply agreement signed with Gujarat State Petroleum Corporation, India
Lula to Mexilh gas pipeline, offshore Brazil, commenced operations
All 13 first phase FPSO vessels now committed for BM-S-9 and BM-S-11, offshore Brazil
Good progress on the QCLNG project, with $1.3 billion invested in the quarter
In October, $3 billion of bonds issued with maturities from five to thirty years
HARRYCAT
- 25 Oct 2011 13:26
- 104 of 215
Broker note from SocGen:
BG surprised positively on Q3 adjusted divisional EBIT and net income and raised its FY 11 LNG profit guidance from $2.2bn to $2.4bn. Q3 group adjusted EBIT at $1,943m (inc. affiliates) was up 17% year on year, beating consensus by 2.7% on the back of improved performances in both E&P and LNG. Upstream EBIT at $1,183m was up 55% year on year, benefiting from 0.7% higher production and higher realised prices (gas realisations +20%) and somewhat lower exploration charges. UK output was nevertheless 39% below BGs own plan, partly due to slow commissioning of the Buzzard field, and also integrity-related field shutdowns. Unit opex of $8.96/boe was in line with SGe, reflecting the cost of maintenance. Q3 LNG EBIT of $620m was 11% better than SGe but 14% below year earlier levels due to lower LNG Shipping/marketing profit. Note though that the Q3 LNG result was sufficiently ahead of BGs internal expectations, prompting the group to raise guidance for full year EBIT from $2.2bn to $2.4bn. We note that BG diverted 89% of its cargoes (vs 78% in 2010) to non US markets.
We reiterate our Buy rating with a 17 TP (average of a SOP and a DCF (WACC 10.6%)). BG offers a low cost entry into a sizeable and growing resource opportunity; if access to resources is the industrys key challenge, then BG is in our view a near perfect vehicle to gain entry into a 20bnboe resource base. If LNG is going to be a market in which growth is supply, rather than demand, constrained, then again BG is the way to gain exposure.
BG surprised positively on Q3 adjusted divisional EBIT and net income and raised its FY 11 LNG profit guidance from $2.2bn to $2.4bn. Q3 group adjusted EBIT at $1,943m (inc. affiliates) was up 17% year on year, beating consensus by 2.7% on the back of improved performances in both E&P and LNG. Upstream EBIT at $1,183m was up 55% year on year, benefiting from 0.7% higher production and higher realised prices (gas realisations +20%) and somewhat lower exploration charges. UK output was nevertheless 39% below BGs own plan, partly due to slow commissioning of the Buzzard field, and also integrity-related field shutdowns. Unit opex of $8.96/boe was in line with SGe, reflecting the cost of maintenance. Q3 LNG EBIT of $620m was 11% better than SGe but 14% below year earlier levels due to lower LNG Shipping/marketing profit. Note though that the Q3 LNG result was sufficiently ahead of BGs internal expectations, prompting the group to raise guidance for full year EBIT from $2.2bn to $2.4bn. We note that BG diverted 89% of its cargoes (vs 78% in 2010) to non US markets.
We reiterate our Buy rating with a 17 TP (average of a SOP and a DCF (WACC 10.6%)). BG offers a low cost entry into a sizeable and growing resource opportunity; if access to resources is the industrys key challenge, then BG is in our view a near perfect vehicle to gain entry into a 20bnboe resource base. If LNG is going to be a market in which growth is supply, rather than demand, constrained, then again BG is the way to gain exposure.
skinny
- 14 Dec 2011 07:11
- 105 of 215
RNS Number : 9365T
Bg Group plc
14 December 2011
News Release
14 December 2011
Agreement reached with Republic of Kazakhstan on Karachaganak
Bg Group today announced that the Republic of Kazakhstan (RoK) and the contracting companies in the giant Karachaganak gas-condensate field in north-west Kazakhstan have reached an agreement that will support the further development of the field.
The agreement, effective from 30 June 2012 on satisfaction of conditions precedent, involves Kazakhstan's KazMunaiGas (KMG) acquiring a 10% interest in the project. This will be done by each of the contracting companies transferring 10% of their rights and interest in the Karachaganak Final Production Sharing Agreement (FPSA) to KMG.
The pre-tax consideration under the agreement to the Karachaganak contracting companies is $3 billion dollars. The key elements are:
-- The contracting companies will receive $1.5 billion cash pre-tax consideration from RoK in exchange for a 5% interest, to be held by KMG, in the FPSA.
-- The contracting companies will receive a further $1.5 billion pre-tax consideration, comprising $500 million cash and $1 billion non-cash consideration, in exchange for transferring a second 5% interest in the FPSA to KMG. The non-cash consideration includes final and irrevocable settlement of cost recovery and other related claims and the allocation of an additional 2 million tonnes per annum capacity for the Karachaganak project in the Caspian Pipeline Consortium export pipeline.
-- The contracting companies will be responsible for paying tax of $1 billion on the total consideration.
-- The contracting companies will make a $1 billion loan to KMG to be repaid in instalments over a three-year period. The loan will be repaid from the proceeds of KMG's share of oil and gas sales from its 10% interest, backed by a guarantee from Samruk-Kazyna, the Kazakhstan sovereign wealth fund.
Sir Frank Chapman, BG Group Chief Executive, said: "BG Group looks forward to working with KMG as a partner in the Karachaganak project, one of the world's largest gas and condensate fields. This agreement represents an excellent outcome for the project partners as well as for the government and people of Kazakhstan".
Ashley Almanza, BG Group Executive Vice President, said: "Karachaganak is estimated to have hydrocarbons initially in place of 9 billion barrels of condensate and 48 trillion cubic feet of gas - to date less than 10% of that resource has been produced. Today's agreement ensures strong alignment with the Republic of Kazakhstan and provides the foundation for realising the vast remaining potential and value in Karachaganak".
From the effective date of 30 June 2012, BG Group's interest in the Karachaganak project will reduce to 29.25% from the 32.5% previously held. The Group will remain joint operator with Eni, which will also hold 29.25% (currently 32.5%). Chevron will hold 18% (20%); LUKOIL 13.5% (15%); and KMG 10%.
The terms and conditions of the Final Production Sharing Agreement signed in 1997 for the development of the Karachaganak field are unchanged. In addition, the contracting companies and RoK have reached agreement on all tax affairs up to the end of 2009.
-ends-
Bg Group plc
14 December 2011
News Release
14 December 2011
Agreement reached with Republic of Kazakhstan on Karachaganak
Bg Group today announced that the Republic of Kazakhstan (RoK) and the contracting companies in the giant Karachaganak gas-condensate field in north-west Kazakhstan have reached an agreement that will support the further development of the field.
The agreement, effective from 30 June 2012 on satisfaction of conditions precedent, involves Kazakhstan's KazMunaiGas (KMG) acquiring a 10% interest in the project. This will be done by each of the contracting companies transferring 10% of their rights and interest in the Karachaganak Final Production Sharing Agreement (FPSA) to KMG.
The pre-tax consideration under the agreement to the Karachaganak contracting companies is $3 billion dollars. The key elements are:
-- The contracting companies will receive $1.5 billion cash pre-tax consideration from RoK in exchange for a 5% interest, to be held by KMG, in the FPSA.
-- The contracting companies will receive a further $1.5 billion pre-tax consideration, comprising $500 million cash and $1 billion non-cash consideration, in exchange for transferring a second 5% interest in the FPSA to KMG. The non-cash consideration includes final and irrevocable settlement of cost recovery and other related claims and the allocation of an additional 2 million tonnes per annum capacity for the Karachaganak project in the Caspian Pipeline Consortium export pipeline.
-- The contracting companies will be responsible for paying tax of $1 billion on the total consideration.
-- The contracting companies will make a $1 billion loan to KMG to be repaid in instalments over a three-year period. The loan will be repaid from the proceeds of KMG's share of oil and gas sales from its 10% interest, backed by a guarantee from Samruk-Kazyna, the Kazakhstan sovereign wealth fund.
Sir Frank Chapman, BG Group Chief Executive, said: "BG Group looks forward to working with KMG as a partner in the Karachaganak project, one of the world's largest gas and condensate fields. This agreement represents an excellent outcome for the project partners as well as for the government and people of Kazakhstan".
Ashley Almanza, BG Group Executive Vice President, said: "Karachaganak is estimated to have hydrocarbons initially in place of 9 billion barrels of condensate and 48 trillion cubic feet of gas - to date less than 10% of that resource has been produced. Today's agreement ensures strong alignment with the Republic of Kazakhstan and provides the foundation for realising the vast remaining potential and value in Karachaganak".
From the effective date of 30 June 2012, BG Group's interest in the Karachaganak project will reduce to 29.25% from the 32.5% previously held. The Group will remain joint operator with Eni, which will also hold 29.25% (currently 32.5%). Chevron will hold 18% (20%); LUKOIL 13.5% (15%); and KMG 10%.
The terms and conditions of the Final Production Sharing Agreement signed in 1997 for the development of the Karachaganak field are unchanged. In addition, the contracting companies and RoK have reached agreement on all tax affairs up to the end of 2009.
-ends-
skinny
- 30 Dec 2011 07:18
- 106 of 215
RNS Number : 7872U
BG GROUP plc
30 December 2011
News Release
30 December 2011
Declaration of Commerciality for Guará area, offshore Brazil
BG Group today announced that its partner Petroleo Brasileiro S.A., as the operator of block BM-S-9 in the pre-salt Santos Basin offshore Brazil, has submitted a Declaration of Commerciality (DoC) with the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP) for the accumulations of light oil and gas in the Guará area.
The DoC marks the start of the production phase for the Guará field and is another significant milestone in the development of BG Group's large and high quality discoveries in the pre-salt Santos Basin.
In the proposal, filed with the regulatory agency 12 months ahead of the ultimate deadline, the consortium suggests that the field, comprising excellent reservoirs with good quality 30˚ API oil, be named Sapinhoá. The DoC notification to the ANP also includes the operator's estimates of total recoverable volumes associated with the initial stage of development.
The DoC, submitted following completion of an exploration and appraisal program that started in 2008, was accompanied by the Final Report on the Evaluation Plan. The Development Plan for the field will be submitted to ANP in February 2012.
Four wells were drilled in the area, including one well designed for reservoir data acquisition. Drill stem tests were performed on three of the wells. In addition, a five-month extended well test (EWT) was carried out on the discovery well, confirming the excellent productivity of the Guará reservoir. Data gathered from this EWT will assist in the optimisation of the field development plan.
BG Group has a 30% interest in the BM-S-9 concession, offshore Brazil (Petrobras, operator 45%, Repsol Sinopec Brasil 25%).
-ends-
BG GROUP plc
30 December 2011
News Release
30 December 2011
Declaration of Commerciality for Guará area, offshore Brazil
BG Group today announced that its partner Petroleo Brasileiro S.A., as the operator of block BM-S-9 in the pre-salt Santos Basin offshore Brazil, has submitted a Declaration of Commerciality (DoC) with the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP) for the accumulations of light oil and gas in the Guará area.
The DoC marks the start of the production phase for the Guará field and is another significant milestone in the development of BG Group's large and high quality discoveries in the pre-salt Santos Basin.
In the proposal, filed with the regulatory agency 12 months ahead of the ultimate deadline, the consortium suggests that the field, comprising excellent reservoirs with good quality 30˚ API oil, be named Sapinhoá. The DoC notification to the ANP also includes the operator's estimates of total recoverable volumes associated with the initial stage of development.
The DoC, submitted following completion of an exploration and appraisal program that started in 2008, was accompanied by the Final Report on the Evaluation Plan. The Development Plan for the field will be submitted to ANP in February 2012.
Four wells were drilled in the area, including one well designed for reservoir data acquisition. Drill stem tests were performed on three of the wells. In addition, a five-month extended well test (EWT) was carried out on the discovery well, confirming the excellent productivity of the Guará reservoir. Data gathered from this EWT will assist in the optimisation of the field development plan.
BG Group has a 30% interest in the BM-S-9 concession, offshore Brazil (Petrobras, operator 45%, Repsol Sinopec Brasil 25%).
-ends-
skinny
- 09 Feb 2012 08:01
- 107 of 215
BG Group 2011 Fourth Quarter and Full Year Results
Full Year Key Points
· Total operating profit up 19% to $8.2 billion
· Strong cash flow from operations, up 17% to $9.8 billion
· Full year dividend increased by 10% to 23.76 cents per share (14.82 pence per share)
· Significant progress on major projects in Australia and Brazil
· Signed 20-year US LNG export agreement for 5.5 mtpa, commencing 2015
· Three-year proved reserve replacement ratio exceeding 200%
· $5.6 billion bonds issued in dollar, sterling and euro currencies
Full Year Key Points
· Total operating profit up 19% to $8.2 billion
· Strong cash flow from operations, up 17% to $9.8 billion
· Full year dividend increased by 10% to 23.76 cents per share (14.82 pence per share)
· Significant progress on major projects in Australia and Brazil
· Signed 20-year US LNG export agreement for 5.5 mtpa, commencing 2015
· Three-year proved reserve replacement ratio exceeding 200%
· $5.6 billion bonds issued in dollar, sterling and euro currencies
HARRYCAT
- 09 Feb 2012 12:46
- 108 of 215
BarCap summary note:
"As we had hoped BG’s strategy update has focused on the upside offered by its LNG business. The 30% uplift to profit guidance to $2.6-2.8bn EBIT from LNG in 2012 is a nice to have. We see more significant upside offered as the group’s hedges unwind in 2013 and expect the company to focus on the “excellent profit momentum” offered by this business in years to come. Company consensus expectations for mid decade LNG EBIT are currently $3.8bn; we see upside to as much as $5bn (Henry hub not all doom and gloom). This is before we price in any incremental profits from the Cheniere contract, which allows BG to exploit its LNG edge without a concomitant lift in capex. On that note its was reassuring that the group has not lifted its spending guidance for 2012-13 despite tougher forex assumptions for Australia. We would also see the $5bn of planned non-core divestments over the next 1-2 years as helpful as spending peaks. In this afternoon’s strategy update we also expect the group to focus on value release from the core. Production estimates for Brazil for end-decade have been lifted 9% to >600k b/d net. Within our 1700p price target we currently ascribe 683p/share to Brazil. This is based on 5.3bn boe of resources being delivered before licence expiry. If BG can persuade us that 6bn boe of resources can be extracted then this would imply 40p/share uplift to net asset value."
"As we had hoped BG’s strategy update has focused on the upside offered by its LNG business. The 30% uplift to profit guidance to $2.6-2.8bn EBIT from LNG in 2012 is a nice to have. We see more significant upside offered as the group’s hedges unwind in 2013 and expect the company to focus on the “excellent profit momentum” offered by this business in years to come. Company consensus expectations for mid decade LNG EBIT are currently $3.8bn; we see upside to as much as $5bn (Henry hub not all doom and gloom). This is before we price in any incremental profits from the Cheniere contract, which allows BG to exploit its LNG edge without a concomitant lift in capex. On that note its was reassuring that the group has not lifted its spending guidance for 2012-13 despite tougher forex assumptions for Australia. We would also see the $5bn of planned non-core divestments over the next 1-2 years as helpful as spending peaks. In this afternoon’s strategy update we also expect the group to focus on value release from the core. Production estimates for Brazil for end-decade have been lifted 9% to >600k b/d net. Within our 1700p price target we currently ascribe 683p/share to Brazil. This is based on 5.3bn boe of resources being delivered before licence expiry. If BG can persuade us that 6bn boe of resources can be extracted then this would imply 40p/share uplift to net asset value."
grevis2 - 26 Mar 2012 09:32 - 109 of 215
Fourth Tanzania well discovers gas - 26 March 2012
RNS
RNS Number : 0385A
BG GROUP plc
26 March 2012
26 March 2012
Fourth Tanzania well discovers gas
BG Group today announced its fourth Tanzanian gas discovery from the Jodari-1 exploration well located in Block 1 offshore southern Tanzania. Preliminary evaluation of the well results indicates gross recoverable resources are in the range of 2.5 to 4.4 trillion cubic feet (tcf) of gas.
The partnership of BG Group (60% and operator) and Ophir Energy plc (40%) have had exploration successes in all four wells so far drilled in Tanzania, with mean total gross recoverable resources currently estimated to be approaching some 7 tcf of gas.
Jodari-1 is located approximately 39 kilometres offshore southern Tanzania and in a water depth of 1150 metres. It is part of the current three-to-four well exploration programme, which also includes the acquisition of 2 500 square kilometres of 3D seismic data in Block 1.
The next target for drilling is the Mzia-1 location in Block 1, some 23 kilometres to the north of Jodari-1. The discoveries announced previously are Chaza-1 in Block 1, and the Chewa-1 and Pweza-1 discoveries in Block 4.
RNS
RNS Number : 0385A
BG GROUP plc
26 March 2012
26 March 2012
Fourth Tanzania well discovers gas
BG Group today announced its fourth Tanzanian gas discovery from the Jodari-1 exploration well located in Block 1 offshore southern Tanzania. Preliminary evaluation of the well results indicates gross recoverable resources are in the range of 2.5 to 4.4 trillion cubic feet (tcf) of gas.
The partnership of BG Group (60% and operator) and Ophir Energy plc (40%) have had exploration successes in all four wells so far drilled in Tanzania, with mean total gross recoverable resources currently estimated to be approaching some 7 tcf of gas.
Jodari-1 is located approximately 39 kilometres offshore southern Tanzania and in a water depth of 1150 metres. It is part of the current three-to-four well exploration programme, which also includes the acquisition of 2 500 square kilometres of 3D seismic data in Block 1.
The next target for drilling is the Mzia-1 location in Block 1, some 23 kilometres to the north of Jodari-1. The discoveries announced previously are Chaza-1 in Block 1, and the Chewa-1 and Pweza-1 discoveries in Block 4.
skinny
- 23 Apr 2012 10:14
- 110 of 215
Hic!
skinny
- 23 Apr 2012 10:19
- 111 of 215
23 April 2012
Production begins at Greater Bongkot South, offshore Thailand
BG Group today announced the start of production from the Greater Bongkot South field in the Gulf of Thailand, approximately 200 kilometres east of the city of Songkhla in southern Thailand.
The field, located some 70 kilometres to the south of the existing Bongkot North development, has new standalone facilities with processing capacity of 350 million cubic feet of gas and 15 000 barrels of condensate per day.
BG Group Chief Executive Sir Frank Chapman said: "The start up of Greater Bongkot South was delivered to schedule and within budget. It will increase production capacity for BG Group in Thailand by 50% and will provide material new gas volumes for sale into a growing market. Once plateau production is achieved, Greater Bongkot South will deliver some 14 000 barrels of oil equivalent per day net to BG Group. This development forms part of our portfolio of named projects and discovered resources that keep us on track to deliver our 6% to 8% production growth range by the end of the decade."
Production is expected to reach plateau in the second quarter of 2012. Gas from the project is exported via a new-build spur line while condensate is exported to a floating, storage and offloading vessel at Bongkot North. Production is sold to PTT Public Company.
BG Group has a 22.22% interest in the Bongkot field (PTTEP, operator, 44.45% and Total 33.33%).
-ends-
Production begins at Greater Bongkot South, offshore Thailand
BG Group today announced the start of production from the Greater Bongkot South field in the Gulf of Thailand, approximately 200 kilometres east of the city of Songkhla in southern Thailand.
The field, located some 70 kilometres to the south of the existing Bongkot North development, has new standalone facilities with processing capacity of 350 million cubic feet of gas and 15 000 barrels of condensate per day.
BG Group Chief Executive Sir Frank Chapman said: "The start up of Greater Bongkot South was delivered to schedule and within budget. It will increase production capacity for BG Group in Thailand by 50% and will provide material new gas volumes for sale into a growing market. Once plateau production is achieved, Greater Bongkot South will deliver some 14 000 barrels of oil equivalent per day net to BG Group. This development forms part of our portfolio of named projects and discovered resources that keep us on track to deliver our 6% to 8% production growth range by the end of the decade."
Production is expected to reach plateau in the second quarter of 2012. Gas from the project is exported via a new-build spur line while condensate is exported to a floating, storage and offloading vessel at Bongkot North. Production is sold to PTT Public Company.
BG Group has a 22.22% interest in the Bongkot field (PTTEP, operator, 44.45% and Total 33.33%).
-ends-
skinny
- 03 May 2012 07:03
- 112 of 215
1st Quarter Results.
First Quarter Key Points
· Total operating profit up 21% to $2.4 billion
· Cash generated by operations up 47% to $2.6 billion
· LNG operating profit up 42% to $812 million
· E&P production up 5% to 60.9 mmboe
· New projects onstream in Norway, Thailand, Bolivia and Egypt
· Fourth gas discovery in Tanzania, mean total gross recoverable resources approaching 7 tcf
· Execution of funding plan on track, with disposals and new funding agreements announced
First Quarter Key Points
· Total operating profit up 21% to $2.4 billion
· Cash generated by operations up 47% to $2.6 billion
· LNG operating profit up 42% to $812 million
· E&P production up 5% to 60.9 mmboe
· New projects onstream in Norway, Thailand, Bolivia and Egypt
· Fourth gas discovery in Tanzania, mean total gross recoverable resources approaching 7 tcf
· Execution of funding plan on track, with disposals and new funding agreements announced
HARRYCAT
- 03 May 2012 13:06
- 113 of 215
Barclays comment:
"Market expectations were clearly high ahead of BG’s 1Q figures, with the stock trading at an all-time sector relative high. The numbers today are fine if not blow-out. Adjusted net income at $1.27bn, was up 25% y/y vs. a sector average increase of 10%. Although in line with our own expectations the figures were 5% above consensus – albeit we have seen an average 2% beat to consensus from the Pan European group this quarter. Underlying volumes were up 3.5% y/y vs. 1% growth from Shell and a 3% decline from BP. The group is also making progress on its target to sell down $5bn of assets over the next few years, with today’s announcement of the $1.8bn disposal of Comgas. We are carrying this asset at $1.3bn so the premium is worth an incremental 10p/share. LNG continues to be a strong feature for the group, with profits up 42% y/y at $812m. This is in line with our expectations and it is reassuring that in 1Q alone the group has already delivered 30% of the mid point of the $2.6-2.8bn target set in February. However, markets may have hoped for a bigger beat in this line: although Shell’s integrated gas business includes GtL as well as LNG, that company’s 33% q/q uplift in profits makes BG’s q/q 2% fall look a little downbeat. The other cautionary note in on spending. BG is now lifting its capex guidance for 2012/13 by $1.5bn. This reflects higher costs on the key QGC coal-bed methane project in Australia and is not entirely unexpected given the strength in the Australian dollar and service sector bottlenecks in the region. On the new spending estimates BG’s capex is set to rise 12% this year and 4% next vs a peer group at 6% and 5% in the same years. We would see this as a small price to pay for the 13% pa production growth we see the group delivering 2011-2015. We rate BG 1-OW with a price target of 1850p. "
"Market expectations were clearly high ahead of BG’s 1Q figures, with the stock trading at an all-time sector relative high. The numbers today are fine if not blow-out. Adjusted net income at $1.27bn, was up 25% y/y vs. a sector average increase of 10%. Although in line with our own expectations the figures were 5% above consensus – albeit we have seen an average 2% beat to consensus from the Pan European group this quarter. Underlying volumes were up 3.5% y/y vs. 1% growth from Shell and a 3% decline from BP. The group is also making progress on its target to sell down $5bn of assets over the next few years, with today’s announcement of the $1.8bn disposal of Comgas. We are carrying this asset at $1.3bn so the premium is worth an incremental 10p/share. LNG continues to be a strong feature for the group, with profits up 42% y/y at $812m. This is in line with our expectations and it is reassuring that in 1Q alone the group has already delivered 30% of the mid point of the $2.6-2.8bn target set in February. However, markets may have hoped for a bigger beat in this line: although Shell’s integrated gas business includes GtL as well as LNG, that company’s 33% q/q uplift in profits makes BG’s q/q 2% fall look a little downbeat. The other cautionary note in on spending. BG is now lifting its capex guidance for 2012/13 by $1.5bn. This reflects higher costs on the key QGC coal-bed methane project in Australia and is not entirely unexpected given the strength in the Australian dollar and service sector bottlenecks in the region. On the new spending estimates BG’s capex is set to rise 12% this year and 4% next vs a peer group at 6% and 5% in the same years. We would see this as a small price to pay for the 13% pa production growth we see the group delivering 2011-2015. We rate BG 1-OW with a price target of 1850p. "
skinny
- 16 May 2012 07:23
- 114 of 215
skinny
- 29 May 2012 07:32
- 115 of 215
29 May 2012
Definitive binding agreement signed for sale of Comgas stake
BG Group today announced it had signed a definitive binding agreement with Cosan S.A. Industria e Comercio (Cosan) for the sale of the Group's entire 60.1% holding in Comgas for Brazilian reais 3.4 billion in cash, or approximately $1.7 billion at current exchange rates. In addition, the transaction will reduce debt on the BG Group balance sheet by some $1.1 billion.
The definitive agreement follows BG Group's announcement in early May that it had signed a memorandum of understanding with Cosan for the sale of the Group's interest in Comgas, Brazil's largest gas distribution company.
BG Group Chief Executive Sir Frank Chapman said: "This transaction, when completed, will release capital of around $2.8 billion which, along with other planned divestments, represents significant progress towards our two-year goal to release $5 billion of capital from BG Group's balance sheet."
The transaction, which is subject to regulatory approval, is likely to complete by the end of 2012.
Further, BG Group and Cosan have agreed, when the transaction is completed, to co-operate on evaluating and developing gas supply options in Brazil. The co-operation agreement reflects BG Group's long-term commitment to Brazil, where the Group and its partners are developing world-class oil discoveries offshore in the Santos Basin. Shareholders in Comgas are BG Group (60.1%) and Shell (18.1%) with the remainder held via the public through a listing on the Sao Paulo stock exchange.
-ends-
Definitive binding agreement signed for sale of Comgas stake
BG Group today announced it had signed a definitive binding agreement with Cosan S.A. Industria e Comercio (Cosan) for the sale of the Group's entire 60.1% holding in Comgas for Brazilian reais 3.4 billion in cash, or approximately $1.7 billion at current exchange rates. In addition, the transaction will reduce debt on the BG Group balance sheet by some $1.1 billion.
The definitive agreement follows BG Group's announcement in early May that it had signed a memorandum of understanding with Cosan for the sale of the Group's interest in Comgas, Brazil's largest gas distribution company.
BG Group Chief Executive Sir Frank Chapman said: "This transaction, when completed, will release capital of around $2.8 billion which, along with other planned divestments, represents significant progress towards our two-year goal to release $5 billion of capital from BG Group's balance sheet."
The transaction, which is subject to regulatory approval, is likely to complete by the end of 2012.
Further, BG Group and Cosan have agreed, when the transaction is completed, to co-operate on evaluating and developing gas supply options in Brazil. The co-operation agreement reflects BG Group's long-term commitment to Brazil, where the Group and its partners are developing world-class oil discoveries offshore in the Santos Basin. Shareholders in Comgas are BG Group (60.1%) and Shell (18.1%) with the remainder held via the public through a listing on the Sao Paulo stock exchange.
-ends-
HARRYCAT
- 11 Jul 2012 08:33
- 116 of 215
Coming up for divi date in early august, I think.
skinny
- 11 Jul 2012 08:35
- 117 of 215
Yes - date still provisional BG Calendar
HARRYCAT
- 19 Jul 2012 10:43
- 118 of 215
Credit Suisse has downgraded the oil and gas giant from outperform to neutral and reduced its target price from 1,660p to 1,500p.
skinny
- 20 Jul 2012 07:09
- 119 of 215
Approval of key contracts and additional FPSO unit tender, offshore Brazil
BG Group, and partners, have approved the signature of contracts totaling $4.5 billion for the construction of the first six topside modules and integration packages for the eight domestic floating production, storage and offloading units (FPSOs) to be used on the Santos Basin pre-salt projects in blocks BM-S-9 and BM-S-11, offshore Brazil.
BG Group, and partners, have approved the signature of contracts totaling $4.5 billion for the construction of the first six topside modules and integration packages for the eight domestic floating production, storage and offloading units (FPSOs) to be used on the Santos Basin pre-salt projects in blocks BM-S-9 and BM-S-11, offshore Brazil.
HARRYCAT
- 23 Jul 2012 09:44
- 120 of 215
Ex-divi 1st Aug '12.
skinny
- 26 Jul 2012 07:06
- 121 of 215
Half Year Report
Second Quarter Key Points
· Cash flow from operations up 21% to $3 121 million, earnings down 4% to $1 073 million
· E&P production up 4% to 61.3 mmboe
· Interim dividend per share increased 10% to 11.88 cents (7.64 pence)
· $1.3 billion non-cash post-tax impairment on US shale gas assets, based on lower price premise(a)
· 2012 production exit rate lowered from 750 to 720 kboed, driven by Elgin, Jasmine and USA
· 2012 LNG total operating profit now expected at the upper end of $2.6 billion to $2.8 billion range
· Continuing good progress in execution of the funding plan; gearing reduced to 24.9%
· $4.5 billion FPSO topside contracts approved in Brazil; tenders for additional FPSO announced
· Latest contract awards and drilling improvements affirm BG Group's capex estimates for Brazil
· Fifth successive gas discovery in Tanzania
Second Quarter Key Points
· Cash flow from operations up 21% to $3 121 million, earnings down 4% to $1 073 million
· E&P production up 4% to 61.3 mmboe
· Interim dividend per share increased 10% to 11.88 cents (7.64 pence)
· $1.3 billion non-cash post-tax impairment on US shale gas assets, based on lower price premise(a)
· 2012 production exit rate lowered from 750 to 720 kboed, driven by Elgin, Jasmine and USA
· 2012 LNG total operating profit now expected at the upper end of $2.6 billion to $2.8 billion range
· Continuing good progress in execution of the funding plan; gearing reduced to 24.9%
· $4.5 billion FPSO topside contracts approved in Brazil; tenders for additional FPSO announced
· Latest contract awards and drilling improvements affirm BG Group's capex estimates for Brazil
· Fifth successive gas discovery in Tanzania
HARRYCAT
- 26 Jul 2012 08:38
- 122 of 215
.
skinny
- 26 Jul 2012 08:41
- 123 of 215
1180 visited for the 2nd time in 4 weeks.
HARRYCAT
- 26 Jul 2012 09:53
- 124 of 215
Good support at 1200p though and possible increase up to the divi date? Will await broker notes.
skinny
- 26 Jul 2012 09:56
- 125 of 215
The only one I've seen (so far) is Oriel - reiterating their BUY.
HARRYCAT
- 31 Jul 2012 12:58
- 126 of 215
Nice pre-divi surge. Almost tempted to take profit and get back in after ex-divi tomorrow.
skinny
- 31 Jul 2012 13:02
- 127 of 215
Nice recovery and the dividend is almost covered today (11.88p) - well held Harry - I'm not in atm.
HARRYCAT
- 05 Sep 2012 14:27
- 128 of 215
Not that interesting as for every seller there should be a buyer but "41m shares in Bg. currently on offer at £12.25".
skinny
- 05 Sep 2012 16:11
- 129 of 215
skinny
- 10 Sep 2012 07:13
- 130 of 215
Management update - Fabio Barbosa granted leave of absence
BG Group today announced that Chief Financial Officer (CFO), Fabio Barbosa has been granted leave of absence in order to undergo medical treatment in Brazil for a recently diagnosed condition.
BG Group today announced that Chief Financial Officer (CFO), Fabio Barbosa has been granted leave of absence in order to undergo medical treatment in Brazil for a recently diagnosed condition.
skinny
- 11 Oct 2012 16:13
- 131 of 215
HARRYCAT
- 31 Oct 2012 09:28
- 132 of 215
StockMarketWire.com
BG Group unveils strong third quarter results with earning sup 16% at $1,189m and total operating profits 17% up at $2,273m.
Chief executive Sir Frank Chapman said the group achieved good cost and schedule performance on key projects in Australia and Brazil and reached further asset sales agreements placing us well ahead of our capital release plan.
He said the rise in earnings was driven by a 13% increase in E&P operating profit to $1.3bn and a continued robust performance of the LNG business, where operating profit was up 24% to $767m.
He continued: "Production rose by some 5% as new projects ramped up, but was held back by the previously announced shutdown of the non-operated Elgin/Franklin field and our earlier decision to scale back drilling in the USA due to low natural gas prices.
"As a result of these factors, along with the deferral of the Jasmine start-up to 2013, production growth in 2012 of some 3% is now forecast.
"Alongside these factors, which will continue to affect production in 2013, we have adjusted our 2013 plans to accommodate an extended sub-sea tie-in schedule for Brazil's Sapinhoá and Lula NE wells.
"We have also reflected lower production in Egypt where the Phase 7 compression project has been less effective than expected in arresting reservoir decline. In aggregate, these factors are expected to result in 2013 volumes being broadly in line with 2012.
"Looking ahead, our growth projects continue with the planned installation in Brazil of the two new FPSOs in 2013. This will be followed in 2014 by the installation of two further FPSOs in Brazil and the start-up of QCLNG in Australia.
"We also progressed the six further FPSOs planned to come onstream in Brazil in 2015 and 2016. The BM-S-9 partners intend to tender for a further FPSO for Carioca, which will bring to 15 the total number of FPSOs to be deployed on the 'big-five' Santos Basin discoveries."
BG Group unveils strong third quarter results with earning sup 16% at $1,189m and total operating profits 17% up at $2,273m.
Chief executive Sir Frank Chapman said the group achieved good cost and schedule performance on key projects in Australia and Brazil and reached further asset sales agreements placing us well ahead of our capital release plan.
He said the rise in earnings was driven by a 13% increase in E&P operating profit to $1.3bn and a continued robust performance of the LNG business, where operating profit was up 24% to $767m.
He continued: "Production rose by some 5% as new projects ramped up, but was held back by the previously announced shutdown of the non-operated Elgin/Franklin field and our earlier decision to scale back drilling in the USA due to low natural gas prices.
"As a result of these factors, along with the deferral of the Jasmine start-up to 2013, production growth in 2012 of some 3% is now forecast.
"Alongside these factors, which will continue to affect production in 2013, we have adjusted our 2013 plans to accommodate an extended sub-sea tie-in schedule for Brazil's Sapinhoá and Lula NE wells.
"We have also reflected lower production in Egypt where the Phase 7 compression project has been less effective than expected in arresting reservoir decline. In aggregate, these factors are expected to result in 2013 volumes being broadly in line with 2012.
"Looking ahead, our growth projects continue with the planned installation in Brazil of the two new FPSOs in 2013. This will be followed in 2014 by the installation of two further FPSOs in Brazil and the start-up of QCLNG in Australia.
"We also progressed the six further FPSOs planned to come onstream in Brazil in 2015 and 2016. The BM-S-9 partners intend to tender for a further FPSO for Carioca, which will bring to 15 the total number of FPSOs to be deployed on the 'big-five' Santos Basin discoveries."
skinny
- 31 Oct 2012 09:34
- 133 of 215
BG Group signs Heads of Agreement for sale of QCLNG stake and new LNG supply
BG Group today announces that it has signed a Heads of Agreement (HOA) with China National Offshore Oil Corporation (CNOOC) for the sale of certain interests in the Queensland Curtis LNG (QCLNG) project in Australia for $1.93 billion and the sale of liquefied natural gas (LNG) from
BG Group's global LNG portfolio. Fully-termed transaction agreements are expected to be executed in the first half of 2013, and upon closing, CNOOC will reimburse BG Group for its share of QCLNG project capital expenditures incurred from 1 January 2012.
BG Group today announces that it has signed a Heads of Agreement (HOA) with China National Offshore Oil Corporation (CNOOC) for the sale of certain interests in the Queensland Curtis LNG (QCLNG) project in Australia for $1.93 billion and the sale of liquefied natural gas (LNG) from
BG Group's global LNG portfolio. Fully-termed transaction agreements are expected to be executed in the first half of 2013, and upon closing, CNOOC will reimburse BG Group for its share of QCLNG project capital expenditures incurred from 1 January 2012.
skinny
- 31 Oct 2012 09:40
- 134 of 215
Just bought a few @1157.
grevis2 - 31 Oct 2012 10:14 - 135 of 215
Market overview: BG plummets after asset sales forced on them
Date: Wednesday 31 Oct 2012
0942: This is what analysts at Seymour Pierce have to say on the subject of BG: "The company currently has an asset divestment programme that remains ongoing to reduce their net debt exposure; this would suggest that the disposal of their Australian LNG interest was forced upon them rather than a strategic decision." FTSE 100 up 1 to 5,850.
Date: Wednesday 31 Oct 2012
0942: This is what analysts at Seymour Pierce have to say on the subject of BG: "The company currently has an asset divestment programme that remains ongoing to reduce their net debt exposure; this would suggest that the disposal of their Australian LNG interest was forced upon them rather than a strategic decision." FTSE 100 up 1 to 5,850.
grevis2 - 31 Oct 2012 10:36 - 136 of 215
Adjusted for exceptional costs or benefits not derived from regular operations, London-listed BG's profit for the quarter was $1.19 billion, versus $1.02 billion in the same period a year earlier. This was well below average expectations of $2.06 billion in a Dow Jones Newswires poll of nine analysts.
Total oil and gas production was 646,000 barrels of oil equivalent a day, a 4.6% rise from the same period a year ago. Analysts were expecting production of 664,000 barrels of oil equivalent a day.
Total oil and gas production was 646,000 barrels of oil equivalent a day, a 4.6% rise from the same period a year ago. Analysts were expecting production of 664,000 barrels of oil equivalent a day.
skinny
- 31 Oct 2012 11:19
- 137 of 215
I've added @1058 - mad?
HARRYCAT
- 31 Oct 2012 11:29
- 138 of 215
Certifiable! ;o)
Think I will wait for the sp to settle.
Think I will wait for the sp to settle.
skinny
- 31 Oct 2012 14:23
- 139 of 215
I'm out half @1134.5
HARRYCAT
- 01 Nov 2012 08:44
- 140 of 215
StockMarketWire.com
Societe Generale has downgraded its recommendation on natural gas company BG Group (LON:BG.) to "hold" from "buy" in reaction to yesterday's production downgrade. The City broker has reduced its share price target by over 20 per cent to 1,300 pence from 1,650 pence as it changes its basis of valuation. Analyst Irene Himona said: "Panic was caused by BG releasing its third quarter results a day ahead of schedule and issuing at the same time a production downgrade for 2012-13. The oil industry is full of cases of production downgrades and missed growth targets; it is regrettable that the one stock perceived, priced and marketing itself as 'the growth stock' in the sector joins that sad precedent. BG remains a large, low cost resource holder and successful explorer, which has fallen down on execution, as is often the case. Pricing the stock as a differentiated investment case is hard to defend near term. On a 12 month view we downgrade from buy to hold."
Societe Generale has downgraded its recommendation on natural gas company BG Group (LON:BG.) to "hold" from "buy" in reaction to yesterday's production downgrade. The City broker has reduced its share price target by over 20 per cent to 1,300 pence from 1,650 pence as it changes its basis of valuation. Analyst Irene Himona said: "Panic was caused by BG releasing its third quarter results a day ahead of schedule and issuing at the same time a production downgrade for 2012-13. The oil industry is full of cases of production downgrades and missed growth targets; it is regrettable that the one stock perceived, priced and marketing itself as 'the growth stock' in the sector joins that sad precedent. BG remains a large, low cost resource holder and successful explorer, which has fallen down on execution, as is often the case. Pricing the stock as a differentiated investment case is hard to defend near term. On a 12 month view we downgrade from buy to hold."
skinny
- 06 Nov 2012 07:18
- 141 of 215
Sale of Comgás stake completed
BG Group today completed the previously announced transaction to sell the Group's entire 60.1% holding in Comgás for a consideration of Brazilian reais 3.4 billion, or approximately $1.7 billion, to Cosan S.A. Indústria e Comércio (Cosan). In addition, debt on the BG Group balance sheet has been reduced by some $1 billion.
BG Group today completed the previously announced transaction to sell the Group's entire 60.1% holding in Comgás for a consideration of Brazilian reais 3.4 billion, or approximately $1.7 billion, to Cosan S.A. Indústria e Comércio (Cosan). In addition, debt on the BG Group balance sheet has been reduced by some $1 billion.
scimitar
- 03 Jan 2013 13:04
- 142 of 215
"DJ BG Group Secures $1.8 Billion US Loan for Australian LNG Project
By James Herron
LONDON--U.K.-listed oil and gas company BG Group PLC (BG.LN) said Monday it has secured a $1.8 billion loan from U.S. Export-Import Bank that will be used to purchase the services of American companies for the construction of a major liquefied natural gas project in Queensland, Australia.
The Queensland Curtis LNG project, which will ship gas to Asia starting in 2014, saw a dramatic increase in its cost in May to $20.4 billion, from $15 billion previously. Several other LNG projects in Australia, including ones operated by Santos Ltd. (STO.AU) and Chevron Corp. (CVX) have suffered in a similar way due to rising labor and raw material costs and the strength of the country's currency.
The U.S. loan, combined with a new $3 billion syndicated borrowing facility agreed last month, will underpin delivery of Curtis LNG and other key projects, BG Group said in a statement.
The Curtis project will produce 8.5 million tons of LNG a year, using natural gas extracted from Queensland's vast coal seams. BG Group already has long-term supply agreements with buyers in China and Japan for the gas, with first deliveries starting in 2014.
The U.S. Export-Import Bank aims to boost exports by providing credit to buyers of goods and services from American companies. Some industry experts say Curtis and other Australian LNG projects may actually find themselves competing in Asia with LNG shipments from the U.S. in the second half of this decade, as the supply surplus created by the North American shale gas boom finds its way onto international markets.
BG is entering one of the most challenging periods in its history, as it attempts to deliver major oil and gas projects in Brazil and Australia, while also making the transition to a new management team. Current Chief Executive Frank Chapman, who over 12 years built BG Group from a largely U.K.-focused gas supplier to a major international energy company, will retire next month to be replaced by Chris Finlayson, the company's head of exploration strategy and technology."
Looks like BG wasnt the only company to be slightly wrong footed in Oz.
By James Herron
LONDON--U.K.-listed oil and gas company BG Group PLC (BG.LN) said Monday it has secured a $1.8 billion loan from U.S. Export-Import Bank that will be used to purchase the services of American companies for the construction of a major liquefied natural gas project in Queensland, Australia.
The Queensland Curtis LNG project, which will ship gas to Asia starting in 2014, saw a dramatic increase in its cost in May to $20.4 billion, from $15 billion previously. Several other LNG projects in Australia, including ones operated by Santos Ltd. (STO.AU) and Chevron Corp. (CVX) have suffered in a similar way due to rising labor and raw material costs and the strength of the country's currency.
The U.S. loan, combined with a new $3 billion syndicated borrowing facility agreed last month, will underpin delivery of Curtis LNG and other key projects, BG Group said in a statement.
The Curtis project will produce 8.5 million tons of LNG a year, using natural gas extracted from Queensland's vast coal seams. BG Group already has long-term supply agreements with buyers in China and Japan for the gas, with first deliveries starting in 2014.
The U.S. Export-Import Bank aims to boost exports by providing credit to buyers of goods and services from American companies. Some industry experts say Curtis and other Australian LNG projects may actually find themselves competing in Asia with LNG shipments from the U.S. in the second half of this decade, as the supply surplus created by the North American shale gas boom finds its way onto international markets.
BG is entering one of the most challenging periods in its history, as it attempts to deliver major oil and gas projects in Brazil and Australia, while also making the transition to a new management team. Current Chief Executive Frank Chapman, who over 12 years built BG Group from a largely U.K.-focused gas supplier to a major international energy company, will retire next month to be replaced by Chris Finlayson, the company's head of exploration strategy and technology."
Looks like BG wasnt the only company to be slightly wrong footed in Oz.
skinny
- 08 Jan 2013 07:14
- 143 of 215
First production - Sapinhoa field. offshore Brazil
BG Group and its consortium partners today announced the start of commercial production on time and on budget at the Sapinhoá field in block BM-S-9 offshore Brazil, one of the Group's "big five" discoveries in the pre-salt Santos Basin.
BG Group and its consortium partners today announced the start of commercial production on time and on budget at the Sapinhoá field in block BM-S-9 offshore Brazil, one of the Group's "big five" discoveries in the pre-salt Santos Basin.
skinny
- 05 Feb 2013 07:10
- 144 of 215
2012 FOURTH QUARTER & FULL YEAR RESULTS
Key Points
· Full year earnings up 3% to $4.4 billion
· Fourth quarter earnings down 29% to $1.0 billion; 2011 benefited from a $277 million tax credit
· Full year production up 3%, consistent with third quarter guidance
· Full year cash flow from operations up 10% to $10.7 billion; gearing at 24%
· Full year dividend increased by 10% to 26.14 cents per share (16.67 pence per share)
· In January, first production from 120 000 bopd FPSO on Sapinhoá field; on schedule and budget
· QCLNG on track for first LNG in 2014; $20.4 billion capex guidance reaffirmed
· 2013 production outlook of 630 kboed to 660 kboed
· 2013 profit outlook for new LNG Shipping & Marketing segment slightly ahead of 2012 results, at $2.5 billion to $2.7 billion
Key Points
· Full year earnings up 3% to $4.4 billion
· Fourth quarter earnings down 29% to $1.0 billion; 2011 benefited from a $277 million tax credit
· Full year production up 3%, consistent with third quarter guidance
· Full year cash flow from operations up 10% to $10.7 billion; gearing at 24%
· Full year dividend increased by 10% to 26.14 cents per share (16.67 pence per share)
· In January, first production from 120 000 bopd FPSO on Sapinhoá field; on schedule and budget
· QCLNG on track for first LNG in 2014; $20.4 billion capex guidance reaffirmed
· 2013 production outlook of 630 kboed to 660 kboed
· 2013 profit outlook for new LNG Shipping & Marketing segment slightly ahead of 2012 results, at $2.5 billion to $2.7 billion
HARRYCAT
- 05 Feb 2013 08:22
- 145 of 215
.
skinny
- 05 Feb 2013 14:18
- 146 of 215
Quite an intraday turn around.
skinny
- 15 Feb 2013 07:01
- 147 of 215
BG Group Management Update
Fabio Barbosa appointed Chairman BG South America and to step down as CFO
BG Group today announced that Fabio Barbosa has been appointed Chairman BG South America, reporting to Chief Executive Chris Finlayson, and has stepped down as Chief Financial Officer (CFO) and Executive Director for personal reasons. Fabio has also stepped down as a member of BG Group's Group Executive Committee and other committees.
Fabio Barbosa appointed Chairman BG South America and to step down as CFO
BG Group today announced that Fabio Barbosa has been appointed Chairman BG South America, reporting to Chief Executive Chris Finlayson, and has stepped down as Chief Financial Officer (CFO) and Executive Director for personal reasons. Fabio has also stepped down as a member of BG Group's Group Executive Committee and other committees.
skinny
- 18 Mar 2013 07:34
- 148 of 215
Excellent results from Jodari appraisal offshore Tanzania
BG Group today announced it had completed its appraisal programme in the Jodari field of Block 1 offshore Tanzania, with a drill stem test on the original natural gas discovery well confirming the excellent quality of the Tertiary reservoir.
The drill stem test on the Jodari-1 well, the first in deep water off Tanzania, flowed at a maximum rate of 70 million standard cubic feet of natural gas per day, constrained by testing equipment. The results showed better than expected reservoir properties, including high connectivity and demonstrated that development wells could produce at higher rates.
The drill stem test was conducted on one of the three successful wells on the Jodari field, in 1150 metres of water and approximately 39 kilometres off the coast of southern Tanzania.
More..
BG Group today announced it had completed its appraisal programme in the Jodari field of Block 1 offshore Tanzania, with a drill stem test on the original natural gas discovery well confirming the excellent quality of the Tertiary reservoir.
The drill stem test on the Jodari-1 well, the first in deep water off Tanzania, flowed at a maximum rate of 70 million standard cubic feet of natural gas per day, constrained by testing equipment. The results showed better than expected reservoir properties, including high connectivity and demonstrated that development wells could produce at higher rates.
The drill stem test was conducted on one of the three successful wells on the Jodari field, in 1150 metres of water and approximately 39 kilometres off the coast of southern Tanzania.
More..
skinny
- 22 Mar 2013 07:30
- 149 of 215
British could run out of gas in April
Britain has only two days’ worth of gas left in reserve as the country braces itself for another spell of wintry weather that will force up energy bills. Stocks of gas have been drained in recent weeks as households have turned up the heating because of the unseasonably cold weather, pushing demand to 20 per cent higher than normal. Last night storage facilities were only 10 per cent full, compared with 49 per cent this time last year.
Britain has only two days’ worth of gas left in reserve as the country braces itself for another spell of wintry weather that will force up energy bills. Stocks of gas have been drained in recent weeks as households have turned up the heating because of the unseasonably cold weather, pushing demand to 20 per cent higher than normal. Last night storage facilities were only 10 per cent full, compared with 49 per cent this time last year.
skinny
- 17 Apr 2013 15:32
- 150 of 215
Ex dividend today @10p. Down 44p atm.
HARRYCAT
- 17 Apr 2013 15:52
- 151 of 215
I had a look at this one earlier today having let it fall off my watchlist. Surprisingly bad chart for such a huge company sitting on mega assets and poor divi yield at 1.56% (2012).
skinny
- 17 Apr 2013 15:54
- 152 of 215
Harry, latest broker (today) :-
Citigroup Buy 1,035.75 1,079.00 1,380.00 1,380.00 Reiterate
I may be tempted @£10 - 12 month low is 991.
Citigroup Buy 1,035.75 1,079.00 1,380.00 1,380.00 Reiterate
I may be tempted @£10 - 12 month low is 991.
HARRYCAT
- 17 Apr 2013 15:59
- 153 of 215
Am going to cash in my fixed rate Cash ISA when it expires on 1st May as the savings companies are offering about 2% for 1 yr and 3% for 5 yrs. Hopeless rates and I reckon I can do much better by putting some of it into my Stock ISA, so having a look at all FTSE 100 Co's to find a good yield and some capital growth. I quite like BG. as a company, but doesn't fit my criteria sadly.
skinny
- 17 Apr 2013 16:03
- 154 of 215
Harry - I've mentioned some of these before, no harm in having a look.
MGHI,MGHU,RECI,RECP,PEW,GACA,SMP1,GLIF - and one I'm looking at:-
ECWO
MGHI,MGHU,RECI,RECP,PEW,GACA,SMP1,GLIF - and one I'm looking at:-
ECWO
Brigg - 19 Apr 2013 11:59 - 155 of 215
This is a very good Buy and it will recover.
skinny
- 01 May 2013 07:31
- 156 of 215
BG Group completes successful Mzia well test
BG Group today announced it had completed another successful drill stem test in Block 1 offshore Tanzania, with initial results from the Mzia-2 well showing better than expected properties in the deeper Cretaceous reservoir.
The test on Mzia-2, the first done on a Cretaceous discovery in deep water off Tanzania, flowed at a maximum rate of 57 million standard cubic feet of natural gas per day, constrained by testing equipment.
Mzia-2 is four kilometres from the Mzia-1 discovery, in around 1620 metres of water and approximately 45 kilometres off the coast of southern Tanzania. It is approximately 22 kilometres to the north of the Jodari-1 discovery well, also in Block 1, where a successful drill stem test was completed in March on the shallower Tertiary reservoir.
BG Group Chief Executive Chris Finlayson said: "The successful Mzia-2 drill stem test follows completion of a multi-well appraisal programme earlier this year on the nearby Jodari field. Results from the current campaign demonstrate the excellent quality of our interests offshore Tanzania, where our resources, and those of other participants in the region, are helping support plans for a multi-train LNG export project.
"While we continue exploration and appraisal offshore, BG Group and others are jointly studying suitable sites for a potential onshore LNG terminal and anticipate providing proposed locations to the Tanzania Government in the next few months," Mr Finlayson said.
The drillship Deepsea Metro-1 has now relocated to Block 4 to drill an exploration well, Ngisi-1, adjacent to the Pweza and Chewa discoveries.
BG Group will use data from the current exploration and appraisal campaign and a recently completed 3-D seismic survey to help identify new offshore targets for a third exploration programme beginning in late 2013.
Prior to Mzia-2, BG Group's acreage offshore Tanzania had produced seven consecutive natural gas discoveries, two successful appraisal wells and a successful test on the Jodari field.
BG Group as operator has a 60% interest in Blocks 1, 3 and 4 offshore Tanzania, with Ophir Energy holding 40%.
-ends-
BG Group today announced it had completed another successful drill stem test in Block 1 offshore Tanzania, with initial results from the Mzia-2 well showing better than expected properties in the deeper Cretaceous reservoir.
The test on Mzia-2, the first done on a Cretaceous discovery in deep water off Tanzania, flowed at a maximum rate of 57 million standard cubic feet of natural gas per day, constrained by testing equipment.
Mzia-2 is four kilometres from the Mzia-1 discovery, in around 1620 metres of water and approximately 45 kilometres off the coast of southern Tanzania. It is approximately 22 kilometres to the north of the Jodari-1 discovery well, also in Block 1, where a successful drill stem test was completed in March on the shallower Tertiary reservoir.
BG Group Chief Executive Chris Finlayson said: "The successful Mzia-2 drill stem test follows completion of a multi-well appraisal programme earlier this year on the nearby Jodari field. Results from the current campaign demonstrate the excellent quality of our interests offshore Tanzania, where our resources, and those of other participants in the region, are helping support plans for a multi-train LNG export project.
"While we continue exploration and appraisal offshore, BG Group and others are jointly studying suitable sites for a potential onshore LNG terminal and anticipate providing proposed locations to the Tanzania Government in the next few months," Mr Finlayson said.
The drillship Deepsea Metro-1 has now relocated to Block 4 to drill an exploration well, Ngisi-1, adjacent to the Pweza and Chewa discoveries.
BG Group will use data from the current exploration and appraisal campaign and a recently completed 3-D seismic survey to help identify new offshore targets for a third exploration programme beginning in late 2013.
Prior to Mzia-2, BG Group's acreage offshore Tanzania had produced seven consecutive natural gas discoveries, two successful appraisal wells and a successful test on the Jodari field.
BG Group as operator has a 60% interest in Blocks 1, 3 and 4 offshore Tanzania, with Ophir Energy holding 40%.
-ends-
skinny
- 02 May 2013 07:05
- 157 of 215
1st Quarter Results
First Quarter Key Points
· Earnings down 3% to $1.2 billion
· Production down 3%; LNG segment total operating profit up 3%; both in line with guidance
· Cash flow from operations up 3% to $2.7 billion; gearing at 23.5%
· Q1 project milestones delivered: Sapinhoá and Everest East start-ups; Elgin/Franklin re-start
· De-risking future milestones: FPSO 3 on location at Lula NE; all Jasmine modules installed
· QCLNG remains on track: critical Narrows Crossing pipe-pull safely completed
· FPSO 2 onstream in Brazil bringing total gross production to around 140 000 boed
· Successful appraisal results in Tanzania: very good results from Jodari and Mzia drill stem tests
· Completion of long-term sales agreement for up to 2.5 mtpa of LNG to India
First Quarter Key Points
· Earnings down 3% to $1.2 billion
· Production down 3%; LNG segment total operating profit up 3%; both in line with guidance
· Cash flow from operations up 3% to $2.7 billion; gearing at 23.5%
· Q1 project milestones delivered: Sapinhoá and Everest East start-ups; Elgin/Franklin re-start
· De-risking future milestones: FPSO 3 on location at Lula NE; all Jasmine modules installed
· QCLNG remains on track: critical Narrows Crossing pipe-pull safely completed
· FPSO 2 onstream in Brazil bringing total gross production to around 140 000 boed
· Successful appraisal results in Tanzania: very good results from Jodari and Mzia drill stem tests
· Completion of long-term sales agreement for up to 2.5 mtpa of LNG to India
skinny
- 15 May 2013 07:24
- 158 of 215
Deutsche Bank Buy 1,226.75 1,227.00 1,400.00 1,400.00 Retains
Overweight 1,226.75 1,227.00 1,110.00 1,400.00 Upgrades
Overweight 1,226.75 1,227.00 1,110.00 1,400.00 Upgrades
HARRYCAT
- 26 Jul 2013 11:42
- 159 of 215
Investec reiterated a ‘sell’ rating for BG Group’s stock after the oil and gas company reported a drop in operating profit for the half year.
Total operating profit declined 5.0% to $3.9bn as revenue and other operating income slide 3.0% to $9.2bn.
Earnings for the half year slipped 3.0% to $2.1bn, or $0.63 per share.
The group blamed fewer liquefied natural gas (LNG) cargo deliveries, a fall in exploration and production volumes and lower realised oil and liquids prices.
Production volumes were down 3.0% to 119.1m barrels of oil equivalent in the six months, while LNG delivered volumes fell 11% to 5.4m tonnes.
Looking ahead, the company noted operating and depreciation costs in the Upstream segment are expected to be around $0.505 per barrels of oil equivalent higher for full-year 2013 than originally forecast.
Total operating profit declined 5.0% to $3.9bn as revenue and other operating income slide 3.0% to $9.2bn.
Earnings for the half year slipped 3.0% to $2.1bn, or $0.63 per share.
The group blamed fewer liquefied natural gas (LNG) cargo deliveries, a fall in exploration and production volumes and lower realised oil and liquids prices.
Production volumes were down 3.0% to 119.1m barrels of oil equivalent in the six months, while LNG delivered volumes fell 11% to 5.4m tonnes.
Looking ahead, the company noted operating and depreciation costs in the Upstream segment are expected to be around $0.505 per barrels of oil equivalent higher for full-year 2013 than originally forecast.
skinny
- 31 Oct 2013 07:05
- 160 of 215
3rd Quarter Results
Third Quarter Key Points
· Earnings down 4% to $1.1 billion; total operating profit 15% lower at $1.8 billion
· Production down 10%; reduced activity in the US, declines in Egypt and planned shutdowns
· Further progress with 2013 milestones; Margarita Phase 2 and Bongkot North Phase 3K now onstream
· QCLNG entering commissioning phase; entire export pipeline in the ground with testing underway
· Excellent flow rates from FPSOs 1, 2 and 3 in Brazil; gross production around 160 000 boed
· Good progress with portfolio management; agreed sale of US midstream assets, Quintero LNG disposal
· Egyptian domestic offtake higher in Q3; business environment remains difficult
Third Quarter Key Points
· Earnings down 4% to $1.1 billion; total operating profit 15% lower at $1.8 billion
· Production down 10%; reduced activity in the US, declines in Egypt and planned shutdowns
· Further progress with 2013 milestones; Margarita Phase 2 and Bongkot North Phase 3K now onstream
· QCLNG entering commissioning phase; entire export pipeline in the ground with testing underway
· Excellent flow rates from FPSOs 1, 2 and 3 in Brazil; gross production around 160 000 boed
· Good progress with portfolio management; agreed sale of US midstream assets, Quintero LNG disposal
· Egyptian domestic offtake higher in Q3; business environment remains difficult
HARRYCAT
- 20 Dec 2013 07:59
- 161 of 215
Declaration of Commerciality for the Carioca area, offshore Brazil
BG Group today confirms that its partner, Petróleo Brasileiro S.A. (Petrobras) - the operator of block BM-S-9 in the pre-salt Santos Basin - has submitted a Declaration of Commerciality (DoC) to the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP), for the oil and gas accumulations in the Carioca area, offshore Brazil.
As part of the DoC, the consortium has suggested that the new field be named Lapa.
The Lapa field is located approximately 270 kilometres off the coast of São Paulo state, in water depths of around 2 140 metres. The DoC notification to the ANP also includes the operator's estimates of total recoverable volumes associated with the initial stage of development.
BG Group is working with the consortium partners to achieve further optimisation of the development plan following encouraging results from the recent Carioca SW appraisal well drilled in October 2013.
The DoC submission was accompanied by the Final Report of the Discovery Assessment Plan following an exploration and appraisal programme which began in 2007 and consisted of acquiring 3D seismic, drilling five wells as well as performing three formations tests and an extended well test.
The Development Plan for the Lapa field will be submitted for ANP approval within the next 180 days.
BG Group has a 30% interest in the BM-S-9 concession, offshore Brazil (Petrobras, operator 45%, Repsol Sinopec Brasil 25%).
skinny
- 27 Dec 2013 13:42
- 162 of 215
Minor Gold cross albeit on low volume.
goldfinger
- 31 Dec 2013 09:58
- 163 of 215
BG. Looks like an interesting short to med term trading opportunity arising here. Anyone for 1350p in the rising trend channel. This coincides with last years resistance.
skinny
- 27 Jan 2014 07:16
- 164 of 215
BG Group - Declares Force Majeure in Egypt; gives 2013 results expectations and 2014 outlook*
BG Group has today issued Force Majeure notices under its LNG agreements in Egypt reflecting the ongoing diversions of gas volumes to the domestic market in excess of the existing pooling arrangements.
The Group will publish its preliminary 2013 fourth quarter and full year results on 4 February 2014. Currently the Group expects to report:
· 2013 production volumes of around 633 thousand barrels of oil equivalent per day (kboed), in line with guidance
· LNG Shipping & Marketing total operating profit of approximately $2.6 billion, in line with guidance
· Business performance** earnings flat at approximately $4.4 billion (around 130 cents per share)
· Non-cash, post-tax impairments of approximately $2.4 billion associated with Egypt (around
$1.3 billion) and the US (around $1.1 billion)
· Total results earnings (post impairments) of approximately $2.2 billion (around 65 cents per share)
The Group also today updates on its outlook for 2014:
· 2014 production volumes expected in the range of 590 - 630 kboed
· 2014 E&P unit operating costs expected to be $15.50 - 16.25 per boe
· 2014 E&P unit depreciation costs expected to be $12.25 - 13.00 per boe
· 2014 LNG Shipping & Marketing total operating profit expected in the range of $2.1 - 2.4 billion
For 2015, BG Group expects production volumes to be in the range of 710 - 750 kboed excluding portfolio changes, and continues to expect to be free cash flow positive*** in 2015 at the Group's reference conditions.
BG Group has today issued Force Majeure notices under its LNG agreements in Egypt reflecting the ongoing diversions of gas volumes to the domestic market in excess of the existing pooling arrangements.
The Group will publish its preliminary 2013 fourth quarter and full year results on 4 February 2014. Currently the Group expects to report:
· 2013 production volumes of around 633 thousand barrels of oil equivalent per day (kboed), in line with guidance
· LNG Shipping & Marketing total operating profit of approximately $2.6 billion, in line with guidance
· Business performance** earnings flat at approximately $4.4 billion (around 130 cents per share)
· Non-cash, post-tax impairments of approximately $2.4 billion associated with Egypt (around
$1.3 billion) and the US (around $1.1 billion)
· Total results earnings (post impairments) of approximately $2.2 billion (around 65 cents per share)
The Group also today updates on its outlook for 2014:
· 2014 production volumes expected in the range of 590 - 630 kboed
· 2014 E&P unit operating costs expected to be $15.50 - 16.25 per boe
· 2014 E&P unit depreciation costs expected to be $12.25 - 13.00 per boe
· 2014 LNG Shipping & Marketing total operating profit expected in the range of $2.1 - 2.4 billion
For 2015, BG Group expects production volumes to be in the range of 710 - 750 kboed excluding portfolio changes, and continues to expect to be free cash flow positive*** in 2015 at the Group's reference conditions.
skinny
- 27 Jan 2014 08:33
- 165 of 215
HARRYCAT
- 27 Jan 2014 11:19
- 166 of 215
UBS comment:
"BG expects 2013 production at 633kboed, in line with the guidance at 630 660kboed and UBSe 633kboed. LNG earnings will come at $2.6bn, at the mid-point of the guidance and vs. UBSe $2.572bn. Recurring net income will amount to $4.4bn (UBSe $4.3bn), but big impairments will be taken against Egypt ($1.3bn) and the US ($1.1bn). Tax rate is expected to average 41% (UBSe 42%).
2014 production is guided to 590-630kboed (UBSe 670kboed); LNG earnings to $2.1- $2.4bn (UBSe $2.69bn). Average unit costs are also expected to be higher, primarily on start up unit costs related to Brazil and Australia, with opex at $15.50-$16.25/bbl vs. UBSe $12.78/boe and DD&A $12.25-$13/boe vs. UBSe $11.46/boe. 2015 production guidance of 710-750kboed is a 9% downgrade on the mid-point vs. previous expectations (UBSe 776kboed). 2015 LNG earnings are expected to be similar to 2014 (UBSe $2.9bn). Effective tax rate should remain around 41%. BG still sees itself FCFpositive starting from 2015, which is a compensation but potentially capex related.
The Force Majeure declared in Egypt reflects the ongoing diversion of gas volumes to the domestic market in excess of the existing pooling arrangements (currently close to capacity of 1Bcfd). The US impairment stems from lower forward gas prices and hence continued low rig count. 2014 is also impacted by delays in Brazil plus maintenance in the north Sea and PSC effects in Trinidad and Tobago. The announcement is disappointing and affecting management credibility and the BG investment case."
"BG expects 2013 production at 633kboed, in line with the guidance at 630 660kboed and UBSe 633kboed. LNG earnings will come at $2.6bn, at the mid-point of the guidance and vs. UBSe $2.572bn. Recurring net income will amount to $4.4bn (UBSe $4.3bn), but big impairments will be taken against Egypt ($1.3bn) and the US ($1.1bn). Tax rate is expected to average 41% (UBSe 42%).
2014 production is guided to 590-630kboed (UBSe 670kboed); LNG earnings to $2.1- $2.4bn (UBSe $2.69bn). Average unit costs are also expected to be higher, primarily on start up unit costs related to Brazil and Australia, with opex at $15.50-$16.25/bbl vs. UBSe $12.78/boe and DD&A $12.25-$13/boe vs. UBSe $11.46/boe. 2015 production guidance of 710-750kboed is a 9% downgrade on the mid-point vs. previous expectations (UBSe 776kboed). 2015 LNG earnings are expected to be similar to 2014 (UBSe $2.9bn). Effective tax rate should remain around 41%. BG still sees itself FCFpositive starting from 2015, which is a compensation but potentially capex related.
The Force Majeure declared in Egypt reflects the ongoing diversion of gas volumes to the domestic market in excess of the existing pooling arrangements (currently close to capacity of 1Bcfd). The US impairment stems from lower forward gas prices and hence continued low rig count. 2014 is also impacted by delays in Brazil plus maintenance in the north Sea and PSC effects in Trinidad and Tobago. The announcement is disappointing and affecting management credibility and the BG investment case."
skinny
- 28 Jan 2014 07:40
- 167 of 215
Beaufort Securities Buy 1,085.00 - - Retains
Citigroup Buy 1,085.00 1,510.00 1,400.00 Reiterates
JP Morgan Cazenove Neutral 1,085.00 1,550.00 1,300.00 Downgrades
Nomura Buy 1,085.00 1,450.00 1,350.00 Reiterates
Credit Suisse Neutral 1,085.00 1,200.00 1,115.00 Upgrades
Deutsche Bank Buy 1,085.00 1,400.00 1,250.00 Reiterates
Citigroup Buy 1,085.00 1,510.00 1,400.00 Reiterates
JP Morgan Cazenove Neutral 1,085.00 1,550.00 1,300.00 Downgrades
Nomura Buy 1,085.00 1,450.00 1,350.00 Reiterates
Credit Suisse Neutral 1,085.00 1,200.00 1,115.00 Upgrades
Deutsche Bank Buy 1,085.00 1,400.00 1,250.00 Reiterates
skinny
- 28 Jan 2014 08:43
- 168 of 215
Goldman Sachs Conviction Buy 1,078.00 1,082.00 - 1,580.00 Reiterates
Barclays Capital Equal weight 1,078.00 1,082.00 - 1,370.00 Reiterates
HSBC Overweight 1,079.50 1,082.00 1,425.00 1,325.00 Reiterates
Barclays Capital Equal weight 1,078.00 1,082.00 - 1,370.00 Reiterates
HSBC Overweight 1,079.50 1,082.00 1,425.00 1,325.00 Reiterates
HARRYCAT
- 28 Jan 2014 09:14
- 169 of 215
Can't make up my mind whether to buy any at this level. Historically the sp seems to regularly fall off a cliff and then slowly build back up again. Shame the divi yield isn't that great.
skinny
- 28 Jan 2014 09:16
- 170 of 215
I've had a dabble @1075 £10 has been support on several occasions.
skinny
- 28 Jan 2014 09:29
- 171 of 215
Investec Sell 1,079.75 1,082.00 1,100.00 1,000.00 Retains
Societe Generale Hold 1,079.75 1,082.00 1,400.00 1,200.00 Retains
Societe Generale Hold 1,079.75 1,082.00 1,400.00 1,200.00 Retains
skinny
- 28 Jan 2014 10:00
- 172 of 215
BG Group seems to have got it wrong in Egypt and the US, yet it is hard to lay responsibility for the write-downs in either region at the company's door. The group's fortunes will be decided not in either of those two jurisdictions but in Australia and Brazil. By Credit Suisse's - no cheerleader for the stock - calculations, production from the outfit will rise to just under 1.2m barrels of oil equivalent by 2020, from just over 600,000 at present. Rose tinted glasses aside, that is all very well and good but after Monday's warning the stock will be left trading at a forward price-to-earnings multiple of approximately of 15, versus roughly 10 times earnings over at Shell and BP. And on what basis? The company's own production targets? This is an outfit which has cut its own estimates on four occasions throughout the last 18 months, Deutsche bank reminds us. That multiple prices in a lot of confidence that the company can deliver, says the Financial Times' Lex column.
HARRYCAT
- 30 Jan 2014 16:08
- 173 of 215
Reaching support level. Am thinking about investing sub £10.
halifax - 30 Jan 2014 16:16 - 174 of 215
Harry yes £8 would suit us.
HARRYCAT
- 30 Jan 2014 19:51
- 175 of 215
Hmmmmmm....£8 might be a bit optomistic.
skinny
- 31 Jan 2014 14:00
- 176 of 215
Added a few today @1,019.
skinny
- 04 Feb 2014 07:05
- 177 of 215
Final results
Full Year Key Points
· Business Performance total operating profit down 5% at $7.6 billion
· Upstream total operating profit down 9%; LNG Shipping & Marketing (S&M) up 3%
· Delivered all 10 key milestones in 2013; continued to make progress in Brazil and Australia
· Business Performance EPS flat at 128.6 cents; total results EPS down 33% at 64.8 cents
· Total results included non-cash post-tax impairments in Egypt and US totalling $2.4 billion
· Issued Force Majeure notices in respect of LNG agreements in Egypt
· Full year dividend increased by 10% to 28.75 cents per share (18.02 pence per share)
· 2014 production outlook of 590 - 630 kboed; 2014 profit outlook for LNG S&M at $2.1 - $2.4 billion
· 2014 unit operating costs range $15.50 - 16.25 / boe; Unit DD&A costs range $12.25 - 13.00 / boe
· 2015 production outlook of 710 - 750 kboed: expect to be free cash flow positive in 2015
Full Year Key Points
· Business Performance total operating profit down 5% at $7.6 billion
· Upstream total operating profit down 9%; LNG Shipping & Marketing (S&M) up 3%
· Delivered all 10 key milestones in 2013; continued to make progress in Brazil and Australia
· Business Performance EPS flat at 128.6 cents; total results EPS down 33% at 64.8 cents
· Total results included non-cash post-tax impairments in Egypt and US totalling $2.4 billion
· Issued Force Majeure notices in respect of LNG agreements in Egypt
· Full year dividend increased by 10% to 28.75 cents per share (18.02 pence per share)
· 2014 production outlook of 590 - 630 kboed; 2014 profit outlook for LNG S&M at $2.1 - $2.4 billion
· 2014 unit operating costs range $15.50 - 16.25 / boe; Unit DD&A costs range $12.25 - 13.00 / boe
· 2015 production outlook of 710 - 750 kboed: expect to be free cash flow positive in 2015
HARRYCAT
- 11 Apr 2014 14:02
- 178 of 215
Ex-divi wed 23rd Apr (9.51p)
skinny
- 01 May 2014 13:58
- 179 of 215
1st Quarter results
First Quarter Key Points
· Business Performance EPS down 3% to 33.8 cents; Total EPS down 9% to 32.4 cents
· Net cash flow from operating activities up 6% to $2.4 billion
· E&P production volumes down 4% at 633 kboed
· LNG segment total operating profit down 7%; no BG Group cargoes from Egyptian LNG
· Egyptian domestic offtake exceeded contractual commitments; deteriorating reservoir performance
· Good progress in Australia and Brazil with key milestones delivered
· Group's exposure to commodity prices and foreign exchange rates 50 - 70% hedged in 2014
First Quarter Key Points
· Business Performance EPS down 3% to 33.8 cents; Total EPS down 9% to 32.4 cents
· Net cash flow from operating activities up 6% to $2.4 billion
· E&P production volumes down 4% at 633 kboed
· LNG segment total operating profit down 7%; no BG Group cargoes from Egyptian LNG
· Egyptian domestic offtake exceeded contractual commitments; deteriorating reservoir performance
· Good progress in Australia and Brazil with key milestones delivered
· Group's exposure to commodity prices and foreign exchange rates 50 - 70% hedged in 2014
cynic
- 16 May 2014 16:18
- 180 of 215
about 8.5m traded today which i think may be much heavier than the norm
sp has been very buoyant which is greatly against the trend
a serious nibbler at work perhaps?
2+2 = 5
sp has been very buoyant which is greatly against the trend
a serious nibbler at work perhaps?
2+2 = 5
cynic
- 12 Jun 2014 12:57
- 181 of 215
keep an eye on this one ...... sp was down fairly sharply this morning but has now recovered well, and the following just may have some credibility ....
BG has become the perfect target for a takeover attempt. Indeed, the company appears to have lost its way recently and is currently without a CEO. Former CEO Chris Finlayson was ousted by shareholders earlier this year, after only 16 months on the job.
What's more, some of the company's major projects are delayed and running over budget. Then there is Egypt, where the company has issued a Force Majeure. Egypt accounts for about 18% of BG's production and much of this gas is now being diverted away from export terminals, to the domestic market. This has hit the company's income from the region.
Nevertheless, BG does have some attractive assets. For example, the company is still producing around 600,000 barrels of oil equivalent per day and is the world's most active LNG trader.
BG has become the perfect target for a takeover attempt. Indeed, the company appears to have lost its way recently and is currently without a CEO. Former CEO Chris Finlayson was ousted by shareholders earlier this year, after only 16 months on the job.
What's more, some of the company's major projects are delayed and running over budget. Then there is Egypt, where the company has issued a Force Majeure. Egypt accounts for about 18% of BG's production and much of this gas is now being diverted away from export terminals, to the domestic market. This has hit the company's income from the region.
Nevertheless, BG does have some attractive assets. For example, the company is still producing around 600,000 barrels of oil equivalent per day and is the world's most active LNG trader.
skinny
- 12 Jun 2014 13:06
- 182 of 215
Blimey - who is it this time - just about everyone has been in the frame over the years, including :-
RDSB,Exxon Mobil,China National Petroleum Corp and Sinopec.
RDSB,Exxon Mobil,China National Petroleum Corp and Sinopec.
HARRYCAT
- 12 Jun 2014 13:09
- 183 of 215
.
skinny
- 12 Jun 2014 13:10
- 184 of 215
The initial fall was probably due to :
Nomura Neutral 1,251.75 1,350.00 1,350.00 Downgrades
Nomura Neutral 1,251.75 1,350.00 1,350.00 Downgrades
skinny
- 31 Jul 2014 07:31
- 185 of 215
Ooops.
Half Yearly Report
Second Quarter Key Points
· Business Performance EPS up 22% to 35.5 cents; Total EPS up 64% to 40.1 cents
· Interim dividend increased 10% to 14.38 cents per share (8.47 pence per share)
· E&P production down 10% at 591 kboed; primarily declines in Egypt and the USA
· LNG segment operating profit up 44%; additional cargo deliveries and favourable realised prices
· Excellent flow rates in Brazil; FPSO 2 at plateau; gross production around 300 kboed in July
· QCLNG remains on track; commissioning of the gas turbine generators underway
· CATS infrastructure asset sale for up to $961 million completed in July
Half Yearly Report
Second Quarter Key Points
· Business Performance EPS up 22% to 35.5 cents; Total EPS up 64% to 40.1 cents
· Interim dividend increased 10% to 14.38 cents per share (8.47 pence per share)
· E&P production down 10% at 591 kboed; primarily declines in Egypt and the USA
· LNG segment operating profit up 44%; additional cargo deliveries and favourable realised prices
· Excellent flow rates in Brazil; FPSO 2 at plateau; gross production around 300 kboed in July
· QCLNG remains on track; commissioning of the gas turbine generators underway
· CATS infrastructure asset sale for up to $961 million completed in July
HARRYCAT
- 06 Oct 2014 08:17
- 186 of 215
StockMarketWire.com
BG Group has received a $350 million payment from the Egyptian government following its commitment to repay outstanding debts to the energy industry. BG says reduces the company's domestic receivables balance in Egypt to around $1.2bn.
The payment is the result of the government of Egypt raising funds specifically to help repay debts to the oil and gas sector.
While the group has been impacted by the reduction of LNG exports from Egypt, the company continues to investigate options for increasing the supply of gas and is working with the government on resolving the outstanding receivable balance.
BG Group has received a $350 million payment from the Egyptian government following its commitment to repay outstanding debts to the energy industry. BG says reduces the company's domestic receivables balance in Egypt to around $1.2bn.
The payment is the result of the government of Egypt raising funds specifically to help repay debts to the oil and gas sector.
While the group has been impacted by the reduction of LNG exports from Egypt, the company continues to investigate options for increasing the supply of gas and is working with the government on resolving the outstanding receivable balance.
skinny
- 28 Oct 2014 07:08
- 187 of 215
3rd Quarter Results
Third Quarter Highlights
· Appointment of Helge Lund as Chief Executive
· E&P production down 2% at 569 kboed; decline in Egypt, partially offset by higher production in Brazil; no change to 2014 production guidance
· Upstream total operating profit at $746 million, down 36%; increased proportion of higher margin oil, more than offset by lower realised prices and higher costs
· LNG total operating profit at $576 million, down 4%; no change to 2014 LNG guidance
· Business Performance EPS down 29% to 22.3 cents; Total EPS up 22% to 44.3 cents
· Excellent flow rates in Brazil; BG Group net production exceeded 100 kboed in October
· QCLNG remains on track for first LNG in December; commenced mechanical testing of compressors
· $350 million equivalent received from Egyptian government in October; receivables down to $1.2 billion
Third Quarter Highlights
· Appointment of Helge Lund as Chief Executive
· E&P production down 2% at 569 kboed; decline in Egypt, partially offset by higher production in Brazil; no change to 2014 production guidance
· Upstream total operating profit at $746 million, down 36%; increased proportion of higher margin oil, more than offset by lower realised prices and higher costs
· LNG total operating profit at $576 million, down 4%; no change to 2014 LNG guidance
· Business Performance EPS down 29% to 22.3 cents; Total EPS up 22% to 44.3 cents
· Excellent flow rates in Brazil; BG Group net production exceeded 100 kboed in October
· QCLNG remains on track for first LNG in December; commenced mechanical testing of compressors
· $350 million equivalent received from Egyptian government in October; receivables down to $1.2 billion
HARRYCAT
- 12 Nov 2014 10:59
- 188 of 215
StockMarketWire.com
Deutsche Bank retains buy on BG Group, target cut from 1400p to 1300p.
Deutsche Bank retains buy on BG Group, target cut from 1400p to 1300p.
HARRYCAT
- 10 Dec 2014 08:23
- 189 of 215
StockMarketWire.com
BG Group has agreed to sell its wholly-owned subsidiary QCLNG Pipeline Pty Ltd to APA Group (ASX: APA), Australia's largest gas infrastructure business, for approximately US$5.0bn.
QCLNG Pipeline Pty Ltd owns a 543 kilometre, large-diameter underground pipeline network linking BG Group's natural gas fields in southern Queensland to a two-train liquefied natural gas (LNG) export facility at Gladstone on Australia's east coast.
BG says the sale of this non-core infrastructure is consistent with the group's strategy of actively managing its global asset portfolio. The pipeline was constructed between 2011 and 2014 and has a current book value of US$1.6 billion. Tariffs payable on the pipeline are set to provide a fixed rate of return on the asset base with the primary tariff components escalating annually with US inflation indices. For the year ended 31 December 2016, the pipeline tariff is expected to deliver to APA Group EBITDA of approximately US$390 million.
The sale is conditional on the start of commercial LNG deliveries (post commissioning) from the QCLNG export facility at Gladstone and on partner consent. BG Group and its partners have firm capacity rights in the pipeline for 20 years, with options to extend.
BG Group has agreed to sell its wholly-owned subsidiary QCLNG Pipeline Pty Ltd to APA Group (ASX: APA), Australia's largest gas infrastructure business, for approximately US$5.0bn.
QCLNG Pipeline Pty Ltd owns a 543 kilometre, large-diameter underground pipeline network linking BG Group's natural gas fields in southern Queensland to a two-train liquefied natural gas (LNG) export facility at Gladstone on Australia's east coast.
BG says the sale of this non-core infrastructure is consistent with the group's strategy of actively managing its global asset portfolio. The pipeline was constructed between 2011 and 2014 and has a current book value of US$1.6 billion. Tariffs payable on the pipeline are set to provide a fixed rate of return on the asset base with the primary tariff components escalating annually with US inflation indices. For the year ended 31 December 2016, the pipeline tariff is expected to deliver to APA Group EBITDA of approximately US$390 million.
The sale is conditional on the start of commercial LNG deliveries (post commissioning) from the QCLNG export facility at Gladstone and on partner consent. BG Group and its partners have firm capacity rights in the pipeline for 20 years, with options to extend.
HARRYCAT
- 23 Dec 2014 13:07
- 190 of 215
BG Group agrees sale and charter of LNG vessels
BG Group (LSE: BG.L), a world leader in exploration and LNG, has entered into an agreement with GasLog Ltd for them to acquire two modern tri-fuel diesel electric ("TFDE") LNG carriers for proceeds of $460 million. BG Group will charter back the two vessels, the Methane Becki Anne and Methane Julia Louise, for nine and eleven years with further options to extend the term for each vessel by either three or five years. The transactions provide BG Group with flexibility in managing its future fleet requirements and, as the ships are currently managed by GasLog, leave day to day operations broadly unchanged.
The LNG carriers are currently associated with a Pension Funding Partnership which is one element of the Group's funding arrangements for the BG Pension Scheme. Consequently the majority of the proceeds from this sale will be utilised to support the funding of that scheme.
The remaining net proceeds from the transaction of around $100m will be used to reduce the Group's net debt.
Closing of the transaction is subject to the satisfaction of certain conditions, including the completion of definitive documentation. The transaction is expected to close in the first quarter of 2015, with the charter agreement expected to commence at the same time.
BG Group (LSE: BG.L), a world leader in exploration and LNG, has entered into an agreement with GasLog Ltd for them to acquire two modern tri-fuel diesel electric ("TFDE") LNG carriers for proceeds of $460 million. BG Group will charter back the two vessels, the Methane Becki Anne and Methane Julia Louise, for nine and eleven years with further options to extend the term for each vessel by either three or five years. The transactions provide BG Group with flexibility in managing its future fleet requirements and, as the ships are currently managed by GasLog, leave day to day operations broadly unchanged.
The LNG carriers are currently associated with a Pension Funding Partnership which is one element of the Group's funding arrangements for the BG Pension Scheme. Consequently the majority of the proceeds from this sale will be utilised to support the funding of that scheme.
The remaining net proceeds from the transaction of around $100m will be used to reduce the Group's net debt.
Closing of the transaction is subject to the satisfaction of certain conditions, including the completion of definitive documentation. The transaction is expected to close in the first quarter of 2015, with the charter agreement expected to commence at the same time.
HARRYCAT
- 29 Dec 2014 08:39
- 191 of 215
StockMarketWire.com
BG Group has been loading the first cargo of LNG from its Queensland Curtis LNG (QCLNG) facility since 28 December.
The vessel being loaded is the 'Methane Rita Andrea'. The second cargo of LNG from the facility will be loaded on to the 'Methane Mickie Harper' which is expected in Gladstone in the first week of January.
QCLNG is the world's first LNG project to be supplied by coal seam gas. The start of production from the plant's first LNG train is the result of more than four years of development and construction on Curtis Island.
Interim executive chairman Andrew Gould said: "This is an immense achievement which demonstrates the company's ability to deliver a highly complex LNG project. The start-up of QCLNG is testament to the hard work, skill and dedication of all our employees, partners and customers including the thousands of individuals who have been involved in physically building the plant. The ongoing support from both the State Government of Queensland and the local councils of our upstream region and in Gladstone has also been pivotal in this development. We thank them all."
The project will expand further with the start-up of the second train in the third quarter of 2015. At plateau production, expected during 2016, QCLNG will have an output of around 8 million tonnes of LNG a year.
BG Group has been loading the first cargo of LNG from its Queensland Curtis LNG (QCLNG) facility since 28 December.
The vessel being loaded is the 'Methane Rita Andrea'. The second cargo of LNG from the facility will be loaded on to the 'Methane Mickie Harper' which is expected in Gladstone in the first week of January.
QCLNG is the world's first LNG project to be supplied by coal seam gas. The start of production from the plant's first LNG train is the result of more than four years of development and construction on Curtis Island.
Interim executive chairman Andrew Gould said: "This is an immense achievement which demonstrates the company's ability to deliver a highly complex LNG project. The start-up of QCLNG is testament to the hard work, skill and dedication of all our employees, partners and customers including the thousands of individuals who have been involved in physically building the plant. The ongoing support from both the State Government of Queensland and the local councils of our upstream region and in Gladstone has also been pivotal in this development. We thank them all."
The project will expand further with the start-up of the second train in the third quarter of 2015. At plateau production, expected during 2016, QCLNG will have an output of around 8 million tonnes of LNG a year.
HARRYCAT
- 02 Jan 2015 08:08
- 192 of 215
StockMarketWire.com
BG Group has received a further payment equivalent to US$350m from the Egyptian government following its commitment to repay outstanding debts to the energy industry.
This reduces the company's domestic receivables balance in Egypt to around US$920m.
While the Group has been affected by the reduction of LNG exports from Egypt, the company continues to investigate options for increasing the supply of gas and is working with the government on resolving the outstanding receivable balance.
BG Group has received a further payment equivalent to US$350m from the Egyptian government following its commitment to repay outstanding debts to the energy industry.
This reduces the company's domestic receivables balance in Egypt to around US$920m.
While the Group has been affected by the reduction of LNG exports from Egypt, the company continues to investigate options for increasing the supply of gas and is working with the government on resolving the outstanding receivable balance.
skinny
- 03 Feb 2015 07:03
- 193 of 215
FOURTH QUARTER & FULL YEAR RESULTS
Full year key points
· E&P production within guidance at 606 kboed; LNG total operating profit ahead of guidance at $2 544 million; both 4% lower than 2013
· First LNG from QCLNG Train 1; five FPSOs onstream in Brazil, net production above 125 kboed in January
· Signed agreements for non-core asset disposals totalling $6.6 billion ($1.1 billion completed in 2014)
· Business Performance earnings $4 035 million, down 8%
· Total earnings down to $(1 051) million, reflecting non-cash post-tax impairments of $5 928 million
· Business Performance EPS down 8% to 118.4 cents; Total EPS down to (30.8) cents
· Full year dividend held flat at 28.75 cents per share (17.99 pence per share)
· 2015 E&P production 650 - 690 kboed; 2015 LNG S&M segment total operating profit $0.7 - 1.0 billion
· 2015 capital investment on a cash basis $6 - 7 billion
Full year key points
· E&P production within guidance at 606 kboed; LNG total operating profit ahead of guidance at $2 544 million; both 4% lower than 2013
· First LNG from QCLNG Train 1; five FPSOs onstream in Brazil, net production above 125 kboed in January
· Signed agreements for non-core asset disposals totalling $6.6 billion ($1.1 billion completed in 2014)
· Business Performance earnings $4 035 million, down 8%
· Total earnings down to $(1 051) million, reflecting non-cash post-tax impairments of $5 928 million
· Business Performance EPS down 8% to 118.4 cents; Total EPS down to (30.8) cents
· Full year dividend held flat at 28.75 cents per share (17.99 pence per share)
· 2015 E&P production 650 - 690 kboed; 2015 LNG S&M segment total operating profit $0.7 - 1.0 billion
· 2015 capital investment on a cash basis $6 - 7 billion
HARRYCAT
- 18 Mar 2015 08:05
- 194 of 215
StockMarketWire.com
BG Group has confirmed that the Petrojarl Knarr floating production, storage and offloading vessel has started production from the Knarr oil field in the North Sea, offshore Norway.
he FPSO has been leased from Teekay Corporation (NYSE: TK) and is moored approximately 120 kilometres off the Norwegian coast. It has a production capacity of 63 000 barrels of oil equivalent per day and a storage capacity of 800 000 barrels.
The Knarr field, discovered in 2008, has estimated gross recoverable reserves of around 80 million barrels of oil equivalent with a production life of at least ten years. In 2011 the Knarr field was merged with the Knarr West field into an integrated development. New exploration drilling in the licence area is ongoing, in order to help extend the production life further.
BG Group is the operator of the field with a 45% working interest. Partners include Idemitsu Petroleum Norge (25%), Wintershall Norge (20%) and DEA Norge AS (10%).
BG Group has confirmed that the Petrojarl Knarr floating production, storage and offloading vessel has started production from the Knarr oil field in the North Sea, offshore Norway.
he FPSO has been leased from Teekay Corporation (NYSE: TK) and is moored approximately 120 kilometres off the Norwegian coast. It has a production capacity of 63 000 barrels of oil equivalent per day and a storage capacity of 800 000 barrels.
The Knarr field, discovered in 2008, has estimated gross recoverable reserves of around 80 million barrels of oil equivalent with a production life of at least ten years. In 2011 the Knarr field was merged with the Knarr West field into an integrated development. New exploration drilling in the licence area is ongoing, in order to help extend the production life further.
BG Group is the operator of the field with a 45% working interest. Partners include Idemitsu Petroleum Norge (25%), Wintershall Norge (20%) and DEA Norge AS (10%).
skinny
- 08 Apr 2015 07:00
- 195 of 215
Shell 'in advanced discussions' to buy BG Group
BG Group has confirmed that it is "in advanced discussions" with energy giant Shell over a possible merger, in what could be one of the biggest deals of 2015.
The mega-merger could produce a company with a combined market capitalisation of more than £200bn ($296bn; €274bn).
BG Group confirmed the news, first reported in the Wall Street Journal, but a Shell spokesman told the BBC: "We're not making any comment."
Shell has until 5 May to make an offer.
But BG added: "There can be no certainty that any offer will ultimately be made for BG."
BG Group has confirmed that it is "in advanced discussions" with energy giant Shell over a possible merger, in what could be one of the biggest deals of 2015.
The mega-merger could produce a company with a combined market capitalisation of more than £200bn ($296bn; €274bn).
BG Group confirmed the news, first reported in the Wall Street Journal, but a Shell spokesman told the BBC: "We're not making any comment."
Shell has until 5 May to make an offer.
But BG added: "There can be no certainty that any offer will ultimately be made for BG."
skinny
- 08 Apr 2015 07:02
- 196 of 215
RECOMMENDED CASH AND SHARE OFFER FOR BG GRROUP PLC
Summary
The Boards of Shell and BG are pleased to announce that they have reached agreement on the terms of a recommended cash and share offer to be made by Shell for the entire issued and to be issued share capital of BG.
· Under the terms of the Combination, BG Shareholders will be entitled to receive:
For each BG Share: 383 pence in cash; and
0.4454 Shell B Shares[1]
· Based on the 90 trading day volume weighted average price of 2,170.3 pence per Shell B Share on 7 April 2015 (being the last Business Day before the date of this Announcement), the terms of the Combination represent:
- a value of approximately 1,350 pence per BG Share; and
- a premium of approximately 52% to the 90 trading day volume weighted average price of 890.4 pence per BG Share on 7 April 2015.
· Based on the Closing Price of 2,208.5 pence per Shell B Share on 7 April 2015 (being the last Business Day before the date of this Announcement), the terms of the Combination represent:
- a value of approximately 1,367 pence per BG Share;
- a premium of approximately 50% to the Closing Price of 910.4 pence per BG Share on 7 April 2015; and
- a value of approximately £47.0 billion for BG's entire issued and to be issued share capital.
· The Combination will result in BG Shareholders owning approximately 19% of the Combined Group.
· Shell expects the Combination to accelerate its growth strategy in global LNG and deep water.
· The Combination will add some 25% to Shell's proved oil and gas reserves[2] and 20% to production, each on a 2014 basis, and provide Shell with enhanced positions in competitive new oil and gas projects, particularly in Australia LNG and Brazil deep water.
· The Combination has the potential to unlock further value for both sets of shareholders from the combined portfolio. An enhanced set of upstream positions will be a springboard to high-grade the Combined Group's longer term portfolio, increase asset sales and reduce capital investment, thereby enhancing the Combined Group's capacity to pay dividends and undertake share buybacks.
· Shell expects the Combination to generate pre‑tax synergies of approximately $2.5 billion per annum (which have been reported on) and has also identified further significant opportunities.
· In the near term, BG Shareholders will benefit from the dividends enjoyed by Shell Shareholders.[3] Shell today confirms its intention to pay dividends of $1.88 per ordinary share in 2015 and at least that amount in 2016.
· In the medium term, all shareholders will benefit from the potential for enhanced cash flow and a continued drive to grow returns and enhance capital efficiency from the combined portfolio.
· Shell expects to commence a share buyback programme in 2017 of at least $25 billion for the period 2017 to 2020.[4] Shell expects this programme to offset the shares issued under the Shell scrip dividend programme and to significantly reduce the equity issued in connection with the Combination.
more....
Summary
The Boards of Shell and BG are pleased to announce that they have reached agreement on the terms of a recommended cash and share offer to be made by Shell for the entire issued and to be issued share capital of BG.
· Under the terms of the Combination, BG Shareholders will be entitled to receive:
For each BG Share: 383 pence in cash; and
0.4454 Shell B Shares[1]
· Based on the 90 trading day volume weighted average price of 2,170.3 pence per Shell B Share on 7 April 2015 (being the last Business Day before the date of this Announcement), the terms of the Combination represent:
- a value of approximately 1,350 pence per BG Share; and
- a premium of approximately 52% to the 90 trading day volume weighted average price of 890.4 pence per BG Share on 7 April 2015.
· Based on the Closing Price of 2,208.5 pence per Shell B Share on 7 April 2015 (being the last Business Day before the date of this Announcement), the terms of the Combination represent:
- a value of approximately 1,367 pence per BG Share;
- a premium of approximately 50% to the Closing Price of 910.4 pence per BG Share on 7 April 2015; and
- a value of approximately £47.0 billion for BG's entire issued and to be issued share capital.
· The Combination will result in BG Shareholders owning approximately 19% of the Combined Group.
· Shell expects the Combination to accelerate its growth strategy in global LNG and deep water.
· The Combination will add some 25% to Shell's proved oil and gas reserves[2] and 20% to production, each on a 2014 basis, and provide Shell with enhanced positions in competitive new oil and gas projects, particularly in Australia LNG and Brazil deep water.
· The Combination has the potential to unlock further value for both sets of shareholders from the combined portfolio. An enhanced set of upstream positions will be a springboard to high-grade the Combined Group's longer term portfolio, increase asset sales and reduce capital investment, thereby enhancing the Combined Group's capacity to pay dividends and undertake share buybacks.
· Shell expects the Combination to generate pre‑tax synergies of approximately $2.5 billion per annum (which have been reported on) and has also identified further significant opportunities.
· In the near term, BG Shareholders will benefit from the dividends enjoyed by Shell Shareholders.[3] Shell today confirms its intention to pay dividends of $1.88 per ordinary share in 2015 and at least that amount in 2016.
· In the medium term, all shareholders will benefit from the potential for enhanced cash flow and a continued drive to grow returns and enhance capital efficiency from the combined portfolio.
· Shell expects to commence a share buyback programme in 2017 of at least $25 billion for the period 2017 to 2020.[4] Shell expects this programme to offset the shares issued under the Shell scrip dividend programme and to significantly reduce the equity issued in connection with the Combination.
more....
cynic
- 08 Apr 2015 08:16
- 197 of 215
phew! at least my holding here has turned from red to black
but leaving that aside, the 1 year chart below shows just what an awful time the oilies have been having - eg BG dropping about 1/3
of course, the kneejerk knock-on effect across the whole of this sector will be massive and it won't do ftse any harm either
the skill will be to determine which small/medium oilies are indeed genuine targets - eg have real assets - and are even worth holding on fundies ..... of course i'll plump for PMO and TLW and mentor will prob add OPHR to that
but leaving that aside, the 1 year chart below shows just what an awful time the oilies have been having - eg BG dropping about 1/3
of course, the kneejerk knock-on effect across the whole of this sector will be massive and it won't do ftse any harm either
the skill will be to determine which small/medium oilies are indeed genuine targets - eg have real assets - and are even worth holding on fundies ..... of course i'll plump for PMO and TLW and mentor will prob add OPHR to that
Bullshare
- 08 Apr 2015 08:29
- 198 of 215
Cynic: Glad it turned out positive in the end for you, perhaps this might be the start of a rerating for some other oil/gas majors.
cynic
- 08 Apr 2015 08:38
- 199 of 215
it's not the majors that will be interesting, but the second tier companies
skinny
- 08 Apr 2015 08:51
- 200 of 215
A bit unfortunate in their timing!
Liberum Capital Hold 1,255.25 910.40 886.00 886.00 Reiterates
Liberum Capital Hold 1,255.25 910.40 886.00 886.00 Reiterates
Bullshare
- 08 Apr 2015 08:58
- 201 of 215
Skinny; Well at least they didn't say sell at 886P
skinny
- 08 Apr 2015 09:03
- 202 of 215
This is true!
HARRYCAT
- 08 Apr 2015 13:44
- 203 of 215
Canaccord Genuity has downgraded its recommendation on BG Group (LON:BG.) to 'hold' from 'buy' after Royal Dutch Shell (LON:RDSB) confirmed that has reached agreement on the terms of a recommended cash and share offer to acquire the entire issued share capital of BG.
The broker has upped its target price to 1,300 pence a share (from 1,016 pence), which it pointed out only leaves around 3 per cent potential upside.
"If we run the RDS assumptions then our de-risked value would rise to 1499p/sh," analysts added.
"So, RDS does not look like it is overpaying if you assume US$90/bbl long term. Strategically, RDS sees LNG and deepwater projects as its key growth areas. BG is LNG and Brazil deepwater.
"We calculate the combined entity will be EPS accretive from 2017 and CFPS accretive from 2016."
cynic
- 08 Apr 2015 15:17
- 204 of 215
the price has now slipped to about 1180 so shall watch and then buy a few more, for there looks to be an easy 10% to be made in a pretty short time and it's almost underwritten
============
bought perhaps marginally prematurely at 1173.50
============
bought perhaps marginally prematurely at 1173.50
HARRYCAT
- 13 Jul 2015 07:54
- 205 of 215
StockMarketWire.com
BG Group has started up and loaded its first LNG from the second production train at the Queensland Curtis LNG (QCLNG) facility in Australia. The first LNG from Train 2 set sail on the Maran Gas Posidonia.
At plateau production, expected mid-2016, both trains at QCLNG will be producing enough LNG to load ten vessels per month combined, exporting around eight million tonnes per year. Since production from the first train commenced in December 2014, 27 cargoes have been shipped.
BG Group began commercial operations in May 2015, when control of Train 1 formally transferred to QGC, BG Group's Australian subsidiary, from the constructor Bechtel Australia. Train 2 commercial operations will begin once a similar commissioning process has been completed.
Chief executive Helge Lund said: "The start-up of QCLNG's second LNG train is another important operational milestone delivered in line with our plan. The completion of our upstream infrastructure and the two LNG trains are achievements of which BG Group, particularly our team in Australia, can be proud. We have already shipped more than 1.5 million tonnes of LNG from Queensland, and Train 2 will add significant further volumes and flexibility to our LNG shipping and marketing portfolio."
BG Group has started up and loaded its first LNG from the second production train at the Queensland Curtis LNG (QCLNG) facility in Australia. The first LNG from Train 2 set sail on the Maran Gas Posidonia.
At plateau production, expected mid-2016, both trains at QCLNG will be producing enough LNG to load ten vessels per month combined, exporting around eight million tonnes per year. Since production from the first train commenced in December 2014, 27 cargoes have been shipped.
BG Group began commercial operations in May 2015, when control of Train 1 formally transferred to QGC, BG Group's Australian subsidiary, from the constructor Bechtel Australia. Train 2 commercial operations will begin once a similar commissioning process has been completed.
Chief executive Helge Lund said: "The start-up of QCLNG's second LNG train is another important operational milestone delivered in line with our plan. The completion of our upstream infrastructure and the two LNG trains are achievements of which BG Group, particularly our team in Australia, can be proud. We have already shipped more than 1.5 million tonnes of LNG from Queensland, and Train 2 will add significant further volumes and flexibility to our LNG shipping and marketing portfolio."
skinny
- 15 Jul 2015 09:30
- 206 of 215
HARRYCAT
- 27 Jul 2015 07:56
- 207 of 215
StockMarketWire.com
BG Group has confirmed that the recommended cash and share offer for the company to be made by Royal Dutch Shell has received unconditional merger clearance from the Brazilian competition authority (CADE). The unconditional clearance follows CADE's initial approval of the combination on 8 July 2015, and the expiry of the 15 day period during which CADE's decision could be appealed.
The approval is one of the five regulatory clearances that are pre-conditions to the combination and this is the first precondition to be satisfied. Other pre-conditional approvals are required from Australia (anti-trust and foreign investment), China (anti-trust) and the European Union (anti-trust).
BG Group has confirmed that the recommended cash and share offer for the company to be made by Royal Dutch Shell has received unconditional merger clearance from the Brazilian competition authority (CADE). The unconditional clearance follows CADE's initial approval of the combination on 8 July 2015, and the expiry of the 15 day period during which CADE's decision could be appealed.
The approval is one of the five regulatory clearances that are pre-conditions to the combination and this is the first precondition to be satisfied. Other pre-conditional approvals are required from Australia (anti-trust and foreign investment), China (anti-trust) and the European Union (anti-trust).
HARRYCAT
- 31 Jul 2015 07:58
- 208 of 215
StockMarketWire.com
BG Group's first half earnings before interest and tax fell by 60% to $1m572m but the interim dividend is maintained at 14.38c per share.
Earnings before interest, tax, depreciation and amortisation fell by 45% to $2,963m.
Second quarter highlights:
· E&P production up 19% at 703 kboed; full year guidance moved to the upper half of 650 - 690 kboed range
· Australia and Brazil average E&P production more than doubled to 80 kboed and 143 kboed, respectively
· QCLNG pipeline disposal completed with gross proceeds of $4.6 billion; Train 2 start-up in July
· Upstream EBITDA down 39% to $1 138 million; lower commodity prices partially offset by higher volumes
· LNG Shipping & Marketing EBITDA down 66% to $263 million; lower margins partially offset by higher volumes
· Business Performance EPS down 65% to 12.6 cents; Total EPS up 63% to 65.2 cents, reflecting profit on disposal of QCLNG pipeline
Chief executive Helge Lund said: "We achieved a number of key milestones during the quarter while continuing to deliver on our cost and efficiency programmes. Production reached record levels, more than doubling in both Australia and Brazil, and we now expect output for the year to be in the upper half of our forecast range. In Australia, we assumed operational control of the first train at QCLNG, which is now operating at plateau, and produced first LNG from the second train earlier this month. In Brazil, our share of production is now exceeding 150 kboed and the sixth FPSO was recently moored on location. Our LNG business has again produced a robust operating performance to deliver 58 cargoes in the quarter.
"This performance reflects our actions to stabilise and de-risk the business and our teams remain focused on delivering our 2015 commitments."
BG Group's first half earnings before interest and tax fell by 60% to $1m572m but the interim dividend is maintained at 14.38c per share.
Earnings before interest, tax, depreciation and amortisation fell by 45% to $2,963m.
Second quarter highlights:
· E&P production up 19% at 703 kboed; full year guidance moved to the upper half of 650 - 690 kboed range
· Australia and Brazil average E&P production more than doubled to 80 kboed and 143 kboed, respectively
· QCLNG pipeline disposal completed with gross proceeds of $4.6 billion; Train 2 start-up in July
· Upstream EBITDA down 39% to $1 138 million; lower commodity prices partially offset by higher volumes
· LNG Shipping & Marketing EBITDA down 66% to $263 million; lower margins partially offset by higher volumes
· Business Performance EPS down 65% to 12.6 cents; Total EPS up 63% to 65.2 cents, reflecting profit on disposal of QCLNG pipeline
Chief executive Helge Lund said: "We achieved a number of key milestones during the quarter while continuing to deliver on our cost and efficiency programmes. Production reached record levels, more than doubling in both Australia and Brazil, and we now expect output for the year to be in the upper half of our forecast range. In Australia, we assumed operational control of the first train at QCLNG, which is now operating at plateau, and produced first LNG from the second train earlier this month. In Brazil, our share of production is now exceeding 150 kboed and the sixth FPSO was recently moored on location. Our LNG business has again produced a robust operating performance to deliver 58 cargoes in the quarter.
"This performance reflects our actions to stabilise and de-risk the business and our teams remain focused on delivering our 2015 commitments."
HARRYCAT
- 30 Oct 2015 07:57
- 209 of 215
StockMarketWire.com
BG Group's earnings before interest, tax, depreciation and amortisation fell by 37% to $1,244m in the third quarter.
Total results for the period (including disposals, re-measurements and impairments) show earnings before interest and tax down by 84% at $374m.
Key points:
· E&P production up 26% at 716 kboed; full year guidance increased to 680-700 kboed
· 45 cargoes delivered from QCLNG in the nine months to end September; Train 2 commissioning in progress
· FPSO 6 onstream; Brazil net production reached 175 kboed in October
· Upstream EBITDA down 22% to $1 087 million; lower commodity prices partially offset by higher volumes, increased oil in mix and higher liquefaction contribution
· LNG Shipping & Marketing EBITDA down 65% to $213 million; higher volumes more than offset by lower sales prices
· Business Performance EPS down 63% to 8.2 cents; Total EPS down to (3.0) cents due to non-cash foreign exchange impacts on tax balances
· Unconditional anti-trust approval for Shell offer received from European Commission; two of the five pre-conditions now satisfied
Chief executive Helge Lund said: "Our teams delivered another strong operational performance in the third quarter. In our Upstream business, we maintained positive momentum in our growth projects in Australia and Brazil, and we continued to improve reliability and efficiency in our base assets. We are now increasing our full year guidance for production to 680-700 kboed. Our LNG operations had a robust operating performance, despite challenging market conditions, and we have maintained our EBITDA guidance for 2015.
"We are on track to deliver our promised operating and capital cost savings for 2015 and are adding new low cash cost volumes through Australia and Brazil. These actions will help mitigate the impact of lower commodity prices on our financial results.
"We continue to work with Shell on integration planning and to secure the necessary regulatory approvals ahead of the shareholder vote. The transaction remains on track to complete in early 2016."
BG Group's earnings before interest, tax, depreciation and amortisation fell by 37% to $1,244m in the third quarter.
Total results for the period (including disposals, re-measurements and impairments) show earnings before interest and tax down by 84% at $374m.
Key points:
· E&P production up 26% at 716 kboed; full year guidance increased to 680-700 kboed
· 45 cargoes delivered from QCLNG in the nine months to end September; Train 2 commissioning in progress
· FPSO 6 onstream; Brazil net production reached 175 kboed in October
· Upstream EBITDA down 22% to $1 087 million; lower commodity prices partially offset by higher volumes, increased oil in mix and higher liquefaction contribution
· LNG Shipping & Marketing EBITDA down 65% to $213 million; higher volumes more than offset by lower sales prices
· Business Performance EPS down 63% to 8.2 cents; Total EPS down to (3.0) cents due to non-cash foreign exchange impacts on tax balances
· Unconditional anti-trust approval for Shell offer received from European Commission; two of the five pre-conditions now satisfied
Chief executive Helge Lund said: "Our teams delivered another strong operational performance in the third quarter. In our Upstream business, we maintained positive momentum in our growth projects in Australia and Brazil, and we continued to improve reliability and efficiency in our base assets. We are now increasing our full year guidance for production to 680-700 kboed. Our LNG operations had a robust operating performance, despite challenging market conditions, and we have maintained our EBITDA guidance for 2015.
"We are on track to deliver our promised operating and capital cost savings for 2015 and are adding new low cash cost volumes through Australia and Brazil. These actions will help mitigate the impact of lower commodity prices on our financial results.
"We continue to work with Shell on integration planning and to secure the necessary regulatory approvals ahead of the shareholder vote. The transaction remains on track to complete in early 2016."
skinny
- 14 Dec 2015 11:18
- 210 of 215
Chinese competition authority approval of Shell offer
BG Group plc ("BG Group" or "the Company") today confirms the receipt of unconditional merger clearance from the Chinese Ministry of Commerce ("MOFCOM") of the recommended cash and share offer for the Company to be made by Royal Dutch Shell plc ("Shell").
This approval from China is the final regulatory clearance that is a pre-condition to the Combination. Other pre-conditional clearances have already been received from the authorities in Australia, Brazil and the European Union.
BG Group's Chief Executive, Helge Lund said: "Following today's approval from MOFCOM, all pre-conditional regulatory approvals for the combination have been received and we now move to the next phase. I am pleased that we have continued to deliver a strong operating and safety performance throughout the offer period which is a credit to our teams across the business. The proposed combination has strong industrial logic, particularly in deep water production and LNG, and will accelerate the delivery of value to our shareholders."
The proposed combination will require support from both BG Group and Shell shareholders and BG Group shareholders should now await further communications from their board.
The pre-conditions and conditions to the Combination are set out in the announcement of the proposed offer released on 8 April 2015 (the "Announcement").
BG Group plc ("BG Group" or "the Company") today confirms the receipt of unconditional merger clearance from the Chinese Ministry of Commerce ("MOFCOM") of the recommended cash and share offer for the Company to be made by Royal Dutch Shell plc ("Shell").
This approval from China is the final regulatory clearance that is a pre-condition to the Combination. Other pre-conditional clearances have already been received from the authorities in Australia, Brazil and the European Union.
BG Group's Chief Executive, Helge Lund said: "Following today's approval from MOFCOM, all pre-conditional regulatory approvals for the combination have been received and we now move to the next phase. I am pleased that we have continued to deliver a strong operating and safety performance throughout the offer period which is a credit to our teams across the business. The proposed combination has strong industrial logic, particularly in deep water production and LNG, and will accelerate the delivery of value to our shareholders."
The proposed combination will require support from both BG Group and Shell shareholders and BG Group shareholders should now await further communications from their board.
The pre-conditions and conditions to the Combination are set out in the announcement of the proposed offer released on 8 April 2015 (the "Announcement").
HARRYCAT
- 05 Feb 2016 08:55
- 211 of 215
StockMarketWire.com
BG Group's full year results were hit by lower commodity prices with upstream EBITDA down 35% at $4,167m and LNG EBITDA down 46% at $1,456m.
Revenue and other operating income decreased 16% to $16 419 million, reflecting the significant fall in realised sales prices impacting both the Upstream and LNG Shipping & Marketing segments. The impact of lower prices was partly offset by higher volumes in both segments, the start-up of liquefaction operations at QCLNG and weather-related gains in North America in the LNG Shipping & Marketing segment. E&P production volumes were up 16% and LNG delivered volumes were up 63%. EBIT decreased by $3 948 million to $2 429 million, reflecting the reduction in EBITDA combined with increased DD&A charges, which resulted from higher E&P production volumes and the start-up of QCLNG.
Net finance costs of $260 million included foreign exchange gains of $nil (2014 net finance costs of $109 million included realised foreign exchange hedge gains of $28 million and other foreign exchange gains of $21 million). Excluding the impact of foreign exchange, net finance costs increased by $102 million to $260 million, reflecting the reduction in the amount of interest on borrowings that can be capitalised against assets under construction following the start-up of QCLNG.
The tax charge for the full year reduced to $472 million and reflects the lower profit before tax and the reduction in the Group's full year effective tax rate (excluding BG Group's share of joint ventures and associates' results and tax) to 24.0% (2014 36.9%), and includes the impact of further changes in the Group's mix of profits and revisions to certain tax positions.
Group earnings of $1 697 million and EPS of 49.7 cents both decreased 58%, with the reduction in EBIT and higher net finance costs only partially offset by the reduction in the Group's tax charge.
Chief executive Helge Lund said: "We are pleased to have delivered an excellent operational performance in 2015 with results in line with, or ahead of, our guidance for the year. The ramp up of both LNG trains at our QCLNG project in Australia and the ramp up in Brazil, including the start-up of our sixth FPSO, drove a strong E&P operational performance. Our LNG Shipping & Marketing business delivered 282 cargoes, an increase of 58% on 2014, in difficult market conditions.
"The addition of new low cash cost volumes in Brazil and Australia and delivery of our operating and capital cost savings has helped to partly mitigate the impact of lower commodity prices.
"This strong operational performance is the result of the capability and commitment of our teams across the organisation and we will deliver a high-performing business into the Combination with Shell."
BG Group's full year results were hit by lower commodity prices with upstream EBITDA down 35% at $4,167m and LNG EBITDA down 46% at $1,456m.
Revenue and other operating income decreased 16% to $16 419 million, reflecting the significant fall in realised sales prices impacting both the Upstream and LNG Shipping & Marketing segments. The impact of lower prices was partly offset by higher volumes in both segments, the start-up of liquefaction operations at QCLNG and weather-related gains in North America in the LNG Shipping & Marketing segment. E&P production volumes were up 16% and LNG delivered volumes were up 63%. EBIT decreased by $3 948 million to $2 429 million, reflecting the reduction in EBITDA combined with increased DD&A charges, which resulted from higher E&P production volumes and the start-up of QCLNG.
Net finance costs of $260 million included foreign exchange gains of $nil (2014 net finance costs of $109 million included realised foreign exchange hedge gains of $28 million and other foreign exchange gains of $21 million). Excluding the impact of foreign exchange, net finance costs increased by $102 million to $260 million, reflecting the reduction in the amount of interest on borrowings that can be capitalised against assets under construction following the start-up of QCLNG.
The tax charge for the full year reduced to $472 million and reflects the lower profit before tax and the reduction in the Group's full year effective tax rate (excluding BG Group's share of joint ventures and associates' results and tax) to 24.0% (2014 36.9%), and includes the impact of further changes in the Group's mix of profits and revisions to certain tax positions.
Group earnings of $1 697 million and EPS of 49.7 cents both decreased 58%, with the reduction in EBIT and higher net finance costs only partially offset by the reduction in the Group's tax charge.
Chief executive Helge Lund said: "We are pleased to have delivered an excellent operational performance in 2015 with results in line with, or ahead of, our guidance for the year. The ramp up of both LNG trains at our QCLNG project in Australia and the ramp up in Brazil, including the start-up of our sixth FPSO, drove a strong E&P operational performance. Our LNG Shipping & Marketing business delivered 282 cargoes, an increase of 58% on 2014, in difficult market conditions.
"The addition of new low cash cost volumes in Brazil and Australia and delivery of our operating and capital cost savings has helped to partly mitigate the impact of lower commodity prices.
"This strong operational performance is the result of the capability and commitment of our teams across the organisation and we will deliver a high-performing business into the Combination with Shell."
cynic
- 15 Feb 2016 08:23
- 212 of 215
i think the epic for this stock has changed
anyone know what the new one is or is it all now under RDS banner (Shell)?
anyone know what the new one is or is it all now under RDS banner (Shell)?
cynic
- 15 Feb 2016 08:42
- 213 of 215
got the answer, at least for CFD
holders of BG will get ~£3.00 cash per share + a number of RDSB stock
the exchange and settlement will be automatic in due course
holders of BG will get ~£3.00 cash per share + a number of RDSB stock
the exchange and settlement will be automatic in due course
Stan
- 15 Feb 2016 08:42
- 214 of 215
BG.L?
cynic
- 15 Feb 2016 08:43
- 215 of 215
BG Group .... yes
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