Glossary of Terms
For the purposes of this Report the following definitions apply:
- ‘$’
- US Dollars
- ‘£’
- UK pounds Sterling
- ‘ABI’
- Association of British Insurers
- ‘ADR’
- American Depositary Receipt
- ‘ADS’
- American Depositary Share
- ‘AGM’
- Annual General Meeting
- ‘bcf’
- Billion cubic feet
- ‘bcfd’
- Billion cubic feet per day
- ‘bcma’
- Billion cubic metres per annum
- ‘BG Group’
- BG Group plc and its subsidiary undertakings, joint ventures and associated undertakings
-
‘BG Energy Holdings Limited’
or ‘BGEH’ - BG Energy Holdings Limited, a subsidiary of BG Group plc
- ‘billion’’ or ‘bn’
- One thousand million
- ‘boe’
- Barrels of oil equivalent
- ‘boed’
- Barrels of oil equivalent per day
- ‘bopd’
- Barrels of oil per day
- ‘CATS’
- The North Sea Central Area Transmission System pipeline
- ‘CCGT’
- Combined Cycle Gas Turbine
- ‘Combined Code’
- The Combined Code on Corporate Governance issued by the UK Financial Reporting Council
- ‘Company’
- BG Group plc
- ‘CR’
- Corporate Responsibility
- ‘CSOS’
- Company Share Option Scheme
- ‘E&P’
- Exploration and Production
- ‘EPV’
- Estimated Present Value
- ‘EU’
- European Union
- ‘FEED’
- Front End Engineering Design
-
‘Finding & Development costs’
or ‘F&D’ - The three year average unit finding & development cost is calculated by dividing the total exploration, development and unproved acquisition costs incurred over the period by the total changes in net proved reserves (excluding purchases, sales and production) for that period
- ‘Financial Statements’
- The Group and parent company financial statements for the year ended 31 December 2007 which comprise the consolidated income statement, the balance sheets, the cash flow statements, the consolidated statement of recognised income and expense, and the related notes
- ‘GAAP’
- Generally Accepted Accounting Principles
- ‘GASA’
- Gas Argentino S.A.
- ‘Group’
- BG Group plc and its subsidiary undertakings, joint ventures and associated undertakings
- ‘GW’
- Gigawatt
- ‘HSSE’
- Health, Safety, Security and the Environment
- ‘IAS’
- International Accounting Standard issued by the IASB
- ‘IASB’
- International Accounting Standards Board
- ‘IFRS’
- International Financial Reporting Standards issued by the IASB and endorsed by the European Union
- ‘LNG’
- Liquefied Natural Gas
- ‘LTIP’
- Long Term Incentive Plan
- ‘LTIS’
- Long Term Incentive Scheme
- ‘m’
- Million
- ‘managed volumes’
- Comprises all LNG volumes contracted for purchase and having related revenue and other operating income recognised in the applicable period
- ‘mmbbls’
- Million barrels
- ‘mmboe’
- Million barrels of oil equivalent
- ‘mmbtu’
- Million British thermal units
- ‘mmbtud’
- Million British thermal units per day
- ‘mmcm’
- Million cubic metres
- ‘mmscfd’
- Million standard cubic feet per day
- ‘mtpa’
- Million tonnes per annum
- ‘MW’
- Megawatt
- ‘MWeq’
- Megawatt equivalent
- ‘NGV’
- Natural Gas Vehicle
- ‘NYSE’
- New York Stock Exchange
- ‘OECD’
- Organisation for Economic Co-operation and Development
- ‘OTCQX’
- the US over-the-counter market on which BG Group’s ADRs are listed see Governamce Framework
- ‘PSC’
- Production Sharing Contract
- ‘Proved reserves’ and ‘Probable reserves’
- see Supplementary information – gas and oil
- ‘Risked exploration’
- see Supplementary information – gas and oil
- ‘ROACE’
- Return on Average Capital Employed
- ‘T&D’
- Transmission and Distribution
- ‘three year proved reserve replacement rate’ or ‘RRR’
- The three year average proved reserve replacement rate is the total net proved reserves changes over the three year period including purchases and sales (excluding production) divided by the total net production for that period
- ‘three year organic proved reserve replacement rate’
- The RRR excluding purchases and sales of reserves in place and the impact of the 2007 year end price adjustment on total net proved reserves
- ‘Unit lifting costs per boe’
- ‘Unit lifting costs per boe’ is calculated by excluding royalty, tariff and insurance costs from ‘Unit operating costs/expenditure’ as defined below
- ‘Unit operating costs/
expenditure per boe’ - ‘Unit operating expenditure per boe’ is calculated by dividing Production and Other operating costs (royalties) see Supplementary information – gas and oil by the net production for the period. This measure does not include the impact of depreciation and amortisation costs and exploration costs as they are not considered to be costs associated with the operation of producing assets
- ‘Un-booked resources’
- see Supplementary information – gas and oil
- ‘RPIX’
- Retail Prices Index excluding mortgage interest repayments
- ‘SEC’
- The United States Securities and Exchange Commission
- ‘SID’
- Senior Independent Director
- ‘SIP’
- Share Incentive Plan
- ‘tcf’
- Trillion cubic feet
- ‘UKCS’
- United Kingdom Continental Shelf
- ‘WDDM’
- West Delta Deep Marine
LEGAL NOTICE
Certain statements included in this Annual Report and Accounts contain forward-looking information concerning the Group’s strategy, operations, financial performance or condition, outlook, growth opportunities or circumstances in the countries, sectors or markets in which the Group operates. By their nature, forward-looking statements involve uncertainty because they depend on future circumstances, and relate to events, not all of which are within the Company’s control or can be predicted by the Company. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Actual results could differ materially from those set out in the forward-looking statements. For a detailed analysis of the factors that may affect our business, financial performance or results of operations, we urge you to look at the “Risk factors” included in this Annual Report and Accounts. Nothing in this Annual Report and Accounts should be construed as a profit forecast, and no part of these results constitutes, or shall be taken to constitute, an invitation or inducement to invest in BG Group plc or any other entity, and must not be relied upon in any way in connection with any investment decision. The Company undertakes no obligation to update any forward-looking statements.
BG Group is subject to the regulatory requirements of the Financial Services Authority of the United Kingdom. BG Group is a “designated foreign issuer” for the purposes of National Instrument 71–102 “Continuous Disclosure and Other Exemptions” of the Canadian Securities Administrators.
EXPLANATORY NOTE FOR US INVESTORS RELATING TO GAS AND OIL RESERVES AND RESOURCES
BG Group continues voluntarily to use the SEC definition of proved reserves to report proved gas and oil reserves in this Annual Report and Accounts. For further details of BG Group’s proved reserves as at 31 December 2007, and related supplemental gas and oil information, see Supplementary information – gas and oil. This Report also contains additional information about other BG Group gas and oil reserves and resources that would not be permitted in SEC filings. For an explanation of terms used in connection with such additional reserves and resources information, see Supplementary information – gas and oil.