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Royal Dutch Shell is close to selling assets totalling USD5 billion to cut debt following its acquisition of BG Group, the oil major said on Thursday as it reported its lowest full-year earnings in more than a decade.
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Shell is reducing investment, cutting nearly 10,000 jobs and selling assets to cope with the downturn.
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BG shareholders are also expected to approve one of the biggest deals in the energy sector in the past decade at a meeting on Thursday, a vote that would allow the two oil and gas companies to merge on February 15.
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"BG Group plc confirms that the recommended cash and share offer for the company to be made by Royal Dutch Shell has received unconditional merger clearance from the Australian Competition and Consumer Commission," a BG statement said.
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ONGC had moved the Apex Court questioning London as the seat for arbitration in the PMT royalty and tax case.
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The company is seeking five cargoes for deliveries in October to December at its 5 million tonne per annum (mtpa) LNG terminal at Dabhol in Maharashtra, the source said.
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The Anglo-Dutch company also said it was planning more asset disposals as it pushes ahead with its proposed USD 70 billion acquisition of BG Group, bringing total asset sales between 2014 and 2018 to USD 50 billion.
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ONGC Videsh Ltd, the overseas arm of state-owned explorer Oil and Natural Gas Corp (ONGC), has lost out on its bid for two oil blocks in Mexico's first licensing round in 88 years.
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BG Group of UK has commenced oil production from the Mukta-B installation on the Panna-Mukta and Tapti oil and gas field in the western offshore.
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Shell maintained a dividend of 47 cents per share and said it would use its planned USD 70 billion acquisition of smaller British rival BG Group to further optimise its asset base.
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The deal will result in BG shareholders owning around 19 percent of the combined group.
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BG Group said sale of its interest in GGCL was part of a broader rationalisation programme, aimed at refocusing the Group's portfolio on its core strengths of exploration and production and liquefied natural gas.
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BG Group is set to sign a 20-year contract worth as much as USD 20 billion to provide liquefied natural gas to the western Indian state of Gujarat, the Financial Times reported on Tuesday citing people with knowledge of the deal.
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BG Group sold its 65.23% stake in Gujarat Gas Company for Rs 2460 crore to GSPC at a steep discount, reports CNBC-TV18. At 09:16 hrs Gujarat Gas Company was quoting at Rs 303.50, down Rs 33.20, or 9.86%.
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Oil and Natural Gas Corp, Indian Oil and Oil India have made a joint bid of about USD 5 billion for buying stake in six Canadian oil sands assets of US energy giant ConocoPhillips.
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Transparency, it's a commodity sorely lacking in most multi-national companies the world over. That's the word from Transparency International, which has studied 105 of the world's largest listed companies, including India's own Reliance Industries and ONGC, reports CNBC-TV18's Ronak Jain and Sumit Lakhotia.
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State-run Indian Oil Corporation is in talks with BG Group, Qatar and Gazprom to secure long-term liquefied natural gas supplies for an import terminal it is building to feed its rising energy demand.
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Diversified Adani group is looking to pick up a majority stake in gas distributor Gujarat Gas, an official said, as it looks to expand presence in the country's fast-growing city gas business.
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Adani group, a consortium of state-run companies led by GAIL India , and Gujarat State Petroleum Corp are likely to bid for BG Group's stake in Gujarat Gas, three sources said, in a deal valued at about USD 900 million.
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Oil and Natural Gas Corp, India's state-run explorer, will allow British gas producer BG Group to exit three exploration blocks off the country's east coast, ONGC Chairman Sudhir Vasudeva told reporters on Wednesday.
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The UK's energy company BG Group is in talks to acquire a stake in the state-owned Oil and Natural Gas Corp's gas discovery block off the east coast, the company's India head Walter Simpson said today.
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Britain and China unveiled a series of deals worth 1.4 billion pounds (USD 2.3 billion) during a visit by Chinese Premier Wen Jiabao on Monday, including a new agreement between energy group BG Group and Bank of China to help BG expand there.
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Oil and Natural Gas Corp is in talks with BG Group and Italian oil major ENI to sell up to 30% stake in its gas block off India's east coast, ONGC chairman said on Tuesday.
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The world's biggest gas exporters will benefit from Japan's increased need for liquefied natural gas (LNG), but the global gas glut that has weighed them down over recent years is unlikely to shrink significantly.
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The chaos in Egypt is not enough to cause the country to loose side of business.
