BG Group Plc (BRGYY: OTC Link) | 2 May 2012

OTC

2 May 2012 – First production from Margarita Phase I in Bolivia

May 02, 2012

OTC Disclosure News Service

Reading, United Kingdom –

BG Group today announced another key project delivery milestone for 2012 with the first phase of development at the Margarita gas field in Bolivia now on-stream.

 

BG Group Chief Executive Sir Frank Chapman said: “Margarita Phase I, delivered safely and to plan, will give BG Group additional net production of some 17 000 barrels of oil equivalent per day (boepd), taking total net production from Margarita to over 25 000 boepd. Already this year we have delivered new production from projects in Egypt, Norway and Thailand and, together with the successful start-up of Margarita Phase 1, these developments keep us on track with our programme to deliver average 6% to 8% per annum production growth through to 2020.”

 

Margarita Phase I is expected to reach capacity in the second quarter of 2012. The project involved the construction of a new 77-kilometre network of gas gathering and export pipelines, four wells and gas processing facilities.

 

A second phase of development at the Margarita gas field was sanctioned in July 2011. Margarita Phase II, comprising the installation of a new processing train, flowlines and at least three additional development wells, will at capacity increase BG Group net production from the Margarita field to around 42 000 boepd by the end of 2014.

 

BG Group has a 37.5% interest in the Caipipendi block, which contains the Margarita gas field. (Repsol Bolivia 37.5%, operator, and PAE EP Bolivia Limited 25%.)

 

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Notes to Editors:

BG Group plc (LSE: BG.L) is a world leader in natural gas, with a strategy focused on connecting competitively priced resources to specific, high-value markets. Active in more than 25 countries on five continents, BG Group has a broad portfolio of exploration and production, Liquefied Natural Gas (LNG) and transmission and distribution business interests. It combines a deep understanding of gas markets with a proven track record in finding and commercialising reserves. For further information visit:  www.bg-group.com                

          

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Contact:

Mark Todd:                             +44 (0) 118 929 3110             mark.todd@bg-group.com

Neil Burrows:                          +44 (0) 118 929 2462             neil.burrows@bg-group.com

Out of Hours Media Mobile:   +44 (0) 7917 185 707

Investor Relations:                  +44 (0) 118 929 3025             invrel@bg-group.com

 

 

There are matters set out within this announcement that are forward-looking statements. Such statements are only predictions, and actual events or results may differ materially. For a discussion of important factors which could cause actual results to differ from these forward-looking statements, refer to BG Group’s Annual Report and Accounts for the year ended 31 December 2011. BG Group does not undertake any obligation to update publicly, or revise, forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required.

 

 

 

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

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