Britain's success in exporting energy-related skills continues, as BG Group signs a $20bn (£13.2bn) gas deal in India and oil services company Wood Group wins eleven contracts in Africa valued at $240m.
BG, which is developing a significant liquefied natural gas (LNG) operation in Australia, has finalised a deal to provide gas to the Indian state of Gujarat, which analysts believe could be worth $20bn.
An initial “heads of agreement” was signed in September, but the deal has now been finalised. This is BG’s first LNG deal in India, one of the world’s fastest growing energy markets.
BG will supply state-owned Gujarat State Petroleum Corporation with up to 2.5m tonnes of LNG a year starting in 2015.
“We have been active in India for more than 15 years and it is a large and important market that we understand well,” Chris Finlayson, BG’s chief executive, said.
“We expect the country to lie third among LNG importing countries by 2025, behind Japan and China,” Mr Finlayson added.
Also yesterday, FTSE 100 energy service company Wood Group said that its PSN unit, which provides long-term support for existing oil and gas facilities, has won contracts in Equatorial Guinea, Chad and Algeria.
“We are committed to building a sustainable business in Africa and are very clear about the countries and projects which we target, knowing where and how our expertise can enhance our customer’s operations,” James Crawford, PSN’s African managing director, said.
“It is a key operating region, and these wins feed our ongoing growth strategy for the continent.”
Wood’s GTS unit, which specialises in equipment such as turbines, secured a long-term service agreement covering in Ghana, and its Engineering division won a deal to design equipment such as wellhead platforms in Nigeria.
BG Group shares fell 6p to £11.81 and Wood Group shares rose 7½p to 865½p.
telegraph.co.uk
BG, which is developing a significant liquefied natural gas (LNG) operation in Australia, has finalised a deal to provide gas to the Indian state of Gujarat, which analysts believe could be worth $20bn.
An initial “heads of agreement” was signed in September, but the deal has now been finalised. This is BG’s first LNG deal in India, one of the world’s fastest growing energy markets.
BG will supply state-owned Gujarat State Petroleum Corporation with up to 2.5m tonnes of LNG a year starting in 2015.
“We have been active in India for more than 15 years and it is a large and important market that we understand well,” Chris Finlayson, BG’s chief executive, said.
“We expect the country to lie third among LNG importing countries by 2025, behind Japan and China,” Mr Finlayson added.
Also yesterday, FTSE 100 energy service company Wood Group said that its PSN unit, which provides long-term support for existing oil and gas facilities, has won contracts in Equatorial Guinea, Chad and Algeria.
“We are committed to building a sustainable business in Africa and are very clear about the countries and projects which we target, knowing where and how our expertise can enhance our customer’s operations,” James Crawford, PSN’s African managing director, said.
“It is a key operating region, and these wins feed our ongoing growth strategy for the continent.”
Wood’s GTS unit, which specialises in equipment such as turbines, secured a long-term service agreement covering in Ghana, and its Engineering division won a deal to design equipment such as wellhead platforms in Nigeria.
BG Group shares fell 6p to £11.81 and Wood Group shares rose 7½p to 865½p.
telegraph.co.uk
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