BG Group signs Nigerian production sharing contract
Jan. 20, 2006
BG Group has acquired a 45 percent interest in, and ownership of, Block 332 offshore Nigeria under a farm-in agreement with Sahara Energy Exploration & Production Limited.
Offshore staff
(UK)- BG Group has acquired a 45 percent interest in, and ownership of, Block 332 offshore Nigeria under a farm-in agreement with Sahara Energy Exploration & Production Limited. This marks BG's entry into the Nigerian upstream sector and comes as BG and its production partners Sahara and Seven Energy Nigeria Ltd. have signed a production sharing contract for Block 332 with the Nigerian National Petroleum Corporation (NNPC).
Block 332 is located in water depths ranging from 100 to 1,000 m offshore western Niger Delta, approximately 100 km southeast of Lagos. Sahara secured Block 332 in the 2005 Nigerian Licensing Round last August, and holds a 45 percent interest. Seven Energy holds the remaining 10 percent interest.
Stuart Fysh, BG's executive VP for the Mediterranean Basin and Africa, said: "Nigeria is a prolific hydrocarbon province which fits well with our market-focused Atlantic Basin strategy. This attractive farm-in opportunity represents BG's entry into Nigeria's upstream sector and we look forward to working with our partners to play an active role in the continued development of Nigeria's energy sector."
