2nd Mar 2007 07:45
BG GROUP plc02 March 2007 Media Information 2 March 2007 BG India signs Production Sharing Contract for Krishna - Godavari (KG) Basin Block BG Exploration and Production India Limited (BGEPIL) and Oil and Natural GasCorporation Limited (ONGC) today signed a Production Sharing Contract (PSC) withthe Government of India for Block KG-OSN-2004/1, which was awarded in the recentNELP VI licensing round. BGEPIL has a 45 percent interest in the block along with partner ONGC, whichholds a 55 percent interest and operatorship. Managing Director, BG India, William Adamson said, "This award adds to ourcurrent portfolio of upstream assets and marks the beginning of BG India'sdiversification into a new and growing hydrocarbon region on the east coast. TheKrishna Godavari Basin is an important gas province and, along with ONGC, welook forward to participating in its development." The shallow water block, which covers an area of approximately 1150 squarekilometres, is located in the Krishna - Godavari basin off the east coast ofIndia. There are matters discussed in this media information that are forward looking statements. Such statements are only predictions and actual events or results may differ materially. For a discussion of important factors which could cause actual results to differ from the forward looking statements, refer to the Company's annual report and accounts for the year ended 31 December 2005. TheCompany does not undertake any obligation to update publicly, or revise, forward looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required. Notes to Editors: BG India is part of BG Group plc, a global natural gas business with activitieson five continents in 25 countries. BG Group operates four business segmentsworldwide - Exploration & Production, Liquefied Natural Gas, Transmission &Distribution and Power. BG India is responsible for managing and developing theupstream and downstream interests of BG Group in India. It is the largestinvesting foreign company in the Indian oil and gas sector having investedapproximately US$900 million to date. BG Exploration & Production India Limited (BGEPIL), has a 30% interest in thejoint venture that jointly operates the offshore Panna/ Mukta and Tapti fields(PMT). BG Group has a 65.12% controlling stake in Gujarat Gas Company Limited(GGCL), India's largest private natural gas distribution and transmissioncompany, which supplies natural gas to industrial, commercial and domesticcustomers and CNG vehicles in the cities of Ankleshwar, Bharuch and Surat insouth Gujarat. Mahanagar Gas Ltd (MGL) is an equal joint venture owned by BG andGAIL (49.75% equity stake each) that distributes natural gas and CNG in Mumbai,Thane and Mira-Bhayander. Contacts Communications +44 (0) 118 929 3717 Out of hours media mobile: +44 (0) 791 718 5707 Investor Relations Chris Lloyd/Helen Parris/ Siobhan Andrews +44 (0) 118 929 3025 Website: www.bg-group.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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