Investing.com - Financial Markets Worldwide
👀 Ones to watch: The MOST undervalued stocks to buy right nowSee Undervalued Stocks

BG buys deepwater exploration stakes off Canada

Published 2015-09-28, 05:56 a/m
© Reuters. BG buys deepwater exploration stakes off Canada
SHEL
-
EQNR
-
REP
-
BG
-

LONDON, Sept 28 (Reuters) - BG Group BG.L said on Monday
it had acquired stakes in three exploration blocks off the coast
of Canada's Newfoundland months before its planned merger with
Royal Dutch Shell RDSa.L .
The British oil and gas company bought from Spain's Repsol
REP.MC the non-operated positions in the Atlantic basin,
located around 200 kilometres from St. John's, Newfoundland, it
said.
"This provides the company with access to early stage
exploration in a proven prospective basin ahead of the first
well being drilled later this year," it said in a statement.
The value of the deal was not disclosed.
The three blocks are operated by Norwegian energy company
Statoil STL.OL .
Shell is on track to complete its proposed $70 billion
acquisition of BG group in early 2016, but BG said it was "in
line" with its strategic exploration focus to enter new basins.
Oil companies have sharply slashed exploration budgets over
the past year in response to the halving of oil prices to below
$50 a barrel since June 2014.
Shell said on Monday it is pulling out of exploration in
Arctic waters off Alaska for the foreseeable future and could
take a hit of up to $4.1 billion after failing to find enough
oil. ID:nL3N11Y1Y7

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.