BG buys out Enron's oil, gas fields

NEW DELHI FEB. 15. British oil and gas major, BG India, today completed the purchase of the entire share capital of Enron oil and Gas India (EOGIL) in Tapti gas field and Panna-Mukta oil and gas field for $350 million from bankrupt energy trader Enron Corporation.

On January 23, BG had announced a revised agreement to acquire EOGIL whose assets include 30 per cent interests in the Tapti gas field and the Panna-Mukta oil and gas field, and a 62.64 per cent interest in Cb-os/1 exploration licence.

"The acquired company will be renamed BG Exploration & Production India Ltd. (BG E&P India) and will continue to operate these assets. Discussions with stakeholders regarding this arrangement are ongoing," BG India said in a statement.

The partners in the Tapti and Panna-Mukta offshore operations are State-run Oil and Natural Gas Corporation (ONGc), which has a 40 per cent share, and Reliance Industries (which owns the remaining 30 per cent).

The other partners in the Cb-os/1 licence are Hindustan Oil Exploration Company (17.36 pr cent), Tata Petrodyne (10 per cent) and ONGC (10 per cent).


Recommended for you