26th Mar 2014 10:36
LONDON (Alliance News) - BG Group Wednesday announced that it has secured a new exploration opportunity after being awarded new exploration acreage offshore Myanmar.
The oil and gas major said it will operate a 45% equity on the A4 block and a 55% equity on the AD2 block, while it has also secured 45% equity non-operated acreage in blocks A7 and AD5, all of which are in the Rakhine Basin, offshore Myanmar.
The company said that it has committed to a 3D seismic acquisition programme in each block along with its bidding partners, which it expects to begin in 2014/15 with options for future drilling.
BG Group said the award is in line with its strategy to focus on securing prospective frontier acreage and enter, on average, one new basin every year.
The announcement comes a week after the company announced the development of two new high pressure high temperature projects in the North Sea after changes set out in the UK Budget made the assets a more attractive opportunity to develop.
BG Group shares were up 0.6% to 1,114.00 pence Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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