| Type | Public limited company |
|---|---|
| Traded as | LSE: BG Group |
| Industry | Oil and gas |
| Founded | 1997 (Demerger of Centrica) 2000 (Demerger of Lattice Group from BG Group) |
| Headquarters | Reading, United Kingdom |
| Key people | Sir Robert Wilson (Chairman) Sir Frank Chapman (Chief Executive) |
| Products | Oil and gas |
| Revenue | US$16.77 billion (2010)[1] |
| Operating income | US$5.56 billion (2010)[1] |
| Net income | US$3.5 billion (2010)[1] |
| Employees | 9,000 |
| Website | http://www.bg-group.com |
BG Group plc (LSE: BG.) is a global oil and gas company headquartered in Reading, United Kingdom.[2][3] It has operations in 25 countries across Africa, Asia, Australasia, Europe, North America and South America and produces around 680,000 barrels of oil equivalent per day.[4][5] It has a major Liquefied Natural Gas (LNG) business and is the largest supplier of LNG to the United States.[6] As at 31 December 2009 it had total proven commercial reserves of 2.6 billion barrels (410,000,000 m3) of oil equivalent.[7]
BG Group is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index. As of December 2011, it was the 8th largest company on the FTSE, with a market capitalisation of £45.7 billion.[8]
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The company was created in 1997 when British Gas plc divested Centrica[9] and became BG plc, which was reorganised in 1999 as BG Group plc.[10]
On 23 October 2000, a further demerger separated the company into Lattice Group and BG Group.[10] 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.[10] In 2002, Lattice merged with National Grid Company to become National Grid Transco which was renamed National Grid in 2005.[10]
In September 2007, BG Group delisted its ADRs from the New York Stock Exchange after expressing concerns over the tougher rules and high costs associated with the Sarbanes-Oxley Act.[11] Instead its shares began trading on the US over-the-counter market known as the Pink Sheets "International Premier QX".[12]
In June 2008 BG Group launched a US$13.1 billion hostile and ultimately unsuccessful bid to acquire Origin Energy, Australia's largest coal-seam gas producer: BG Group were out-manoeuvred by ConocoPhillips who offered to invest US$9.1 billion in a joint venture with Origin.[13] In October 2008 BG Group agreed to buy Queensland Gas for US$3.4bn so enabling it to operate in Asia's liquified natural gas market.[14]
On 1 November 2010, BG Group Announced plans to invest £9.3bn on the world's first project to liquefy and ship gas produced from coal deposits. This will be the first in a series of "coal seam methane" projects in the region of eastern Australia and will be operational by 2014. BG Group will construct a 540 km underground pipeline in Queensland which will transport gas producing coal deposits to a terminal in Gladstone on the east coast.[15] In October 2011 BG Group signed an US$8 billion deal with Cheniere Energy to export liquefied natural gas from the United States.[16][17]
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:[18]
As of 31 December 2009 BG had proven reserves of 11,181×109 cu ft (3.166×1011 m3) of natural gas and 736 million barrels of oil and condensate. Annual production in 2009 was 234.9 million barrels of oil equivalent (mmboe)
Sir Frank Chapman was appointed Chief Executive of the BG Group in October 2000. His remuneration for this role in 2008 consisted of £1,081,588 base salary and a £1,944,000 bonus.[19]
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