BG Group

BG Group

infobox company
company_name = BG Group plc
company_type = Public (LSE: [ BG Group] , Pink Sheets: [ BG Group] )
company_slogan = Natural Gas its our Business
foundation = 1997 Demerger of Centrica
2000 Demerger of Latice Group from BG Group
location = Reading, England, UK
key_people = Sir Robert Wilson, Chairman
Frank Chapman, CEO
industry = Oil Production
Natural Gas Companies
products = Oil
Natural Gas
revenue = £8,291 million (2007)| operating_income = £3,001 million (2007)
net_income = £1,800 million (2007)
num_employees = circa 5,000
homepage = []

BG Group Plc (lse|BG.) is an integrated oil and gas company which has its headquarters in Reading, England. BG Group has use of the trading name "British Gas" outside the United Kingdom; Centrica owns the rights to use it within the UK.


The company was created in 1997 when British Gas plc divested Centrica [ [ British Gas to split in February 1997] ] and became BG plc, which was reorganised in 1999 as BG Group plc. [ Competion Commission Report Page 313] ]

In 2000 a further demerger separated the company into Lattice Group plc and BG Group. Lattice took ownership of Transco (the gas transporter for the UK), Advantica (gas engineering and consultancy specialist) along with the property and transport companies and BG Group took ownership of gas fields and other assets.

In 2002 Lattice merged with National Grid Company to become National Grid Transco which was renamed National Grid in 2005.

For a graphical illustration of the demerger history of British Gas, see [] .


BG Group's main business is exploration for and the extraction of natural gas, liquefied natural gas and to a lesser extent oil. It sells these products to wholesale customers such as retail gas suppliers and electricity generating companies. It also owns some gas pipelines and is involved in some power generation projects. It is active around the world, with only a minority of its business being in the UK. BG Group is a multinational company with operations in 27 countries. Key areas for the company include:

*Trinidad & Tobago

BG Board and Executive

Board of Directors

BG Delisting from NYSE

On 25 July 2007, BG Group announced its intension to delist from the New York Stock Exchange (NYSE).

BG's American Depositary Shares (ADSs) had been trading on the NYSE under the ticker symbol "BRG" since the inception of the company in 1997. The delisting was undertaken to reduce cost and administration. [ [ BG Group Press Release (25 July, 2007): BG Group to delist from NYSE and to deregister from the US SEC] ]

On 21 September 2007, BG Group's ADSs were delisted from the NYSE [ [ BG Group Press Release (24 September, 2007): BG Group US Delisting and Deregistration] ] and began trading on the U.S. over-the-counter market tier known as Pink Sheets' "International Premier QX" under the new ticker [ BRGYY] . [ [;col1 Pink Sheets Press Release (25 September, 2007): BG Group plc Joins International OTCQX] ]

BG's Bid to Acquire Origin Energy

On 29 April 2008, BG Group approached Origin Energy, Australia's largest coal-seam-gas producer, with a proposal to acquire all of its ordinary shares at A$14.70 per share in cash. Origin announced details of the BG Group proposal on 30 April 2008 and negotiations between the two companies began shortly afterwards.

On 28 May 2008, Origin confirmed to BG Group that it had concluded that the amended proposalfrom BG Group to acquire Origin at A$15.50 cash per share should be put to Origin’s shareholders.

Origin’s endorsement of the revised BG Group proposal at $15.50 per share also followed thereceipt and consideration, by Origin and BG Group, of a draft CSG reserves report which had beencommissioned by Origin. Data from this report, indicating a reserves increase, was subsequentlyreleased by Origin on 30 May 2008.

On 29 May 2008, Santos Limited of Australia announced a joint venture with Petronas(Petroliam Nasional Berhad) of Malaysia. Later that same day, the Origin Board withdrew its support for BG Group’s proposal.

Origin stated that it had decided to reject BG Group’s offer for tworeasons: [ [ Origin Energy Press Release (30 May, 2008): Origin Energy not to accept BG proposal] ]

• the updated CSG reserves report, referred to by Origin on 30 May 2008 (albeit this reportwas available to Origin when it endorsed the revised BG Group proposal of A$15.50 pershare); and

• Origin’s view that the Santos-Petronas agreement required a revaluation of the company’scoal seam gas (CSG) reserves.

On 24 June 2008, BG launched an A$13.8 billion (US$13.13 billion), A$15.50 cash per share, hostile bid for Origin. [ [ BG Group Press Release (24 June, 2008): BG Group announces A$13.8 billion takeover bid for Origin Energy] ]

On 8 September 2008, Origin Energy announced that ConocoPhilips is to invest up to A$9.6 billion for a 50% share of a CSG to LNG Joint Venture with Origin. [ [ Origin Energy Press Release (8 September, 2008): Origin selects ConocoPhillips to acquire a 50% share in a CSG to LNG joint venture for up to A$9.6 billion] ]

On 9 September 2008, BG announced it is abandoning its hostile bid to acquire Origin. Frank Chapman, BG's chief executive, said: "The price implied by [the ConocoPhilips joint venture] is higher than BG Group is able to justify. We have therefore decided not to extend or amend our offer, which we expect will now lapse." [ [ BG Group Press Release (9 September, 2008): BG Group not to extend takeover bid for Origin Energy] ]


External links

* [ Official site]
* [ Dividend history]
* [ Yahoo! profile]
* [ BG news monitoring from Google Finance]
* [ BG stock performance chart from BigCharts]
* [ BG Energy Challenge]

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