As announced on the 16 May 2003,
five of the six partners in the North Caspian Sea Production
Sharing
Agreement
(NCPSA)
in Kazakhstan exercised their pre-emptive rights in the sale
of BG Group’s 16.67 per cent interest in the NCPSA including
the Kashagan project. The transfer documents giving effect
to this transaction are currently awaiting completion by the
Kazakh authorities.
The Government of the Republic of Kazakhstan (RoK) has indicated
that it believes it has a pre-emptive right to acquire the
whole of BG’s stake in the NCPSA, on the same terms,
including price, as previously agreed with the pre-empting
parties, and has expressed its desire to do so.
BG continues to work with the pre-empting parties and the
RoK to complete the previously announced sale of its interest
in the NCPSA as soon as possible.
Notes to Editors:
In March 2003, BG Group announced the sale of its 16.67
per cent interest in the North Caspian Sea Production Sharing
Agreement (NCPSA) to CNOOC North Caspian Sea Limited and Sinopec
International Petroleum Exploration and Production Corporation.
Subsequently, five of the six partners in the NCPSA exercised
their pre-emption rights in May 2003; BG executed SPAs with
the pre-empting partners in September 2003.
The Republic of Kazakhstan and partners announced the approval
of the Kashagan Development Plan and Budget in February 2004.
The partners of the North Caspian Sea PSA are: Eni (Operator
16.67%), BG Group (16.67%), ConocoPhillips (8.33%), ExxonMobil
Kazakhstan Inc. (16.67%), Inpex (8.33%), Total (16.67%), Shell
(16.67%).
BG has four business segments – Exploration & Production,
Liquefied Natural Gas, Transmission & Distribution and
Power Generation. Active in some 20 countries on five continents,
its core geographical areas are the UK, Kazakhstan, Egypt,
Trinidad & Tobago, South America and India.
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