BG Group to Complete Disposal of Interests in NCPSA
BG Group has announced that the outstanding conditions relating to the sale of its entire 16.67 per cent interest in the North Caspian Production Sharing Agreement (NCPSA) have today been satisfied. BG Group therefore expects to complete the sale to pre-empting partners Eni, ExxonMobil, Royal Dutch Shell, Total and ConocoPhillips on 6 April 2005.
At completion, BG Group will receive an aggregate pre-tax cash consideration of approximately $US1.8 billion. This consideration includes adjustments to reimburse BG Group for its NCPSA expenditures from the economic effective date of 1 January 2003 to completion.