BG strengthens Rosetta ownership

BG Group has acquired Shell's 40% stake in the Rosetta concession in Egypt's Nile Delta. In June, Shell announced that it had agreed to transfer its interest to Kuwait Foreign Petroleum Exploration Co. (Kufpec), but BG pre-empted this sale, increasing its own share from 40 to 80%. Italy's Edison holds the remaining 20%. Rosetta Phase 1 began gas production in January 2001 – all supplies are sent to Egypt's domestic market. Phase 2, currently under development, involves linking a new unmanned minimum facilities wellhead installation to the existing Rosetti platform. First gas is due next year.

11/24/04