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Yesterday, 12:32 PM
- Norway's oil fund reports a 3.3% profit on its investments in Q2, and its investments in Russian government bonds, banks and energy companies were broadly unchanged, but the fund's chief executive warns the effect on European equities from tensions between Russia and the West could hurt future earnings.
- Oil and gas sector stocks were the fund's best Q2 performers; among individual stocks, Apple, Royal Dutch Shell (RDS.A, RDS.B) and BG Group (OTCPK:BRGXF, OTCQX:BRGYY) contributed the most to earnings.
- The Norwegian Oil and Gas Association weighs in with a report says the country risks discouraging investment in its oil industry if it repeats surprise tax increases and political meddling in projects.
Sun, Aug. 10, 6:07 AM
- Former BG Group (OTCQX:BRGYY, OTCPK:BRGXF) CEO Chris Finlayson has been named Interoil's (NYSE:IOC) chairman as the company develops one of the largest natural gas fields to be discovered in Asia in recent years.
- InterOil is planning on building an LNG plant in the Gulf of Papua, which will use supply from the Elk and Antelope gas fields as feedstock. Elk and Antelope were discovered in 2006 and 2009, and are estimated to contain as much as 7T cf of gas.
- Finlayson says he's excited at the prospect of working on one of the largest gas finds in recent years. "It’s a world-class field with extremely competitive development costs that is ... very close to the main Asian markets. The proposed project will target customers in China and Japan as the U.S. adds to supply competition in the global LNG market."
- InterOil’s project gained important backing this past March when Total (NYSE:TOT), agreed to acquire a 40.1% holding in the Elk-Antelope gas field. It is expected that Total will operate the LNG plant.
Mon, Aug. 4, 12:59 PM
- The Tanzanian government says it will invest at least $1.2B to revamp its ailing state power utility, as the country tries to guarantee reliable power to domestic and industrial consumers.
- It expects the reforms to help the country attract enough investments to diversify power sources and boost generation capacity to at least 10K MW over the next 10 years, from the current 1,600 MW.
- Around half of the projected new power capacity will be generated from natural-gas fired plants, as a flurry of natural gas discoveries off the southern coast has made the country a hotspot for natural gas exploration, attracting Exxon (NYSE:XOM), Cnooc (NYSE:CEO), Rosneft (OTC:RNFTF) and BG Group (OTCPK:BRGXF, OTCQX:BRGYY).
- Gold mining companies such as Africa Barrick Gold (OTC:ABGLF) and AngloGold Ashanti (NYSE:AU) remain some of Tanzania's largest power consumers.
Fri, Jul. 25, 2:58 PM
- Tanzania has a strong chance of becoming a major producer and exporter of natural gas over the next decade, according to the IMF, noting significant offshore discoveries made in the last 2-3 years and further exploration now underway.
- Although gas resources haven’t yet been declared commercially viable, estimates of discoveries indicate recoverable offshore gas resources of at least 24T-26T cf, potentially sufficient for a four-train liquid natural gas plant, the IMF says.
- Exxon Mobil (NYSE:XOM), Statoil (NYSE:STO) and BG Group (OTCPK:BRGXF, OTCQX:BRGYY) are planning to build the country's first LNG export plant.
Fri, Jul. 18, 8:33 AM
- Bechtel, the contractor building more than $60B of natural gas export projects in Australia for companies including BG Group (OTCQX:BRGYY, OTCPK:BRGXF), faces a dispute with unions that is raising concerns about startup delays.
- Credit Suisse views the discord as potentially "really material" for BG's Queensland Curtis LNG development project, which the analysts doubt will start in Q4 of this year as planned.
- Santos (OTCPK:STOSF) and a venture between ConocoPhillips (NYSE:COP) and Origin Energy also are building liquefied natural gas projects in Queensland state to tap rising Asian demand.
Wed, Jul. 16, 10:49 AM
- While shares in rival European energy companies such as BP, Shell and Total have enjoyed healthy gains this year, BG Group (OTCPK:BRGXF, OTCQX:BRGYY) has stagnated, prompting talk of a breakup and even a possible takeover.
- But with BP, Shell and other oil majors also shedding assets, the market is tough for sellers; also, with Chinese buyers stepping back as they digest recent acquisitions, BG could find speedy asset sales challenging, analysts say.
- Shares have fallen ~25% from their April 2011 peak, although the company is still worth nearly $70B - perhaps a problem in itself, since BG could still be too large to purchase outright even the likes of Exxon.
- Some analysts think a good start would be for BG to reduce its unusually high 74% stake in the Queensland Curtis gas project, which is due to start up in Q4; BG has said it was considering selling pipeline and water treatment plants connected with the project that could be worth $3.5B-$4.5B.
Fri, Jul. 11, 5:59 PM
- As much as ~$700B oil companies have in their capital spending pipeline may no longer be needed, as the big discoveries of shale oil in recent years have added ~66B barrels of crude oil resources, enough to meet demand growth in the coming years, according to Goldman Sachs' head of European energy research Michele della Vigna.
- New projects that require oil prices to be above $80-$85/bbl to break even ought to be delayed or canceled - which could include big investments considered in Canadian heavy oil or in deep waters off shore - della Vigna says.
- It's also potentially bad news for the oil service companies that make money helping oil companies with their big projects; the winners are likely to be companies with the best roster of low-cost investments: SNP, BRGXF, BRGYY, AFRNF, STOSF.
Mon, Jul. 7, 4:44 PM
- Egypt is willing to approve a potential deal allowing BG Group (BRGXF, BRGYY) to import natural gas from Israel for its local facility if the parties involved agree to help meet the country's domestic demand at a reasonable price, WSJ reports.
- The partners in Israel's Leviathan offshore natural gas field, including Noble Energy (NBL), signed a preliminary agreement last month with BG for the supply of natural gas from the field to BG's existing natural gas liquefaction facilities in Egypt.
- According to the deal, Leviathan would supply 7B cubic meters/year for 15 years via an underwater pipeline, or average volumes of 685M cf/day, the equivalent of just over 70% of the BG-operated Idku plant's daily volumes.
Sun, Jun. 29, 9:53 AM
- The partners in Israel's Leviathan natural gas field, including Noble Energy (NBL), Delek Group (DGRLY) and Ratio Oil (RTEXF) have announced a newly signed preliminary agreement with BG Group (BRGYY, BRGXF), for a deal exporting gas to BG's LNG plant in Idku, Egypt.
- Although still far from finalized, the deal may be valued at $30B, and would supply an annual 7B cubic meters of gas to BG for 15 years. The final agreement is expected to be completed by the end of the year.
Thu, Jun. 26, 2:13 PM
- Egypt plans to pay back at least $1.5B of the ~$5.9N it owes to international energy companies in a bid to boost production and revive confidence in its industry, the country's oil minister says.
- BG Group (BRGYY, BRGXF), one of the major firms operating in the country, has declared force majeure on its Egypt operations and written off $1.3B in its business there.
- BG, Apache (APA) and BP are said to be among the companies that could receive payments this year.
Tue, Jun. 17, 7:55 AM
- BG Group (BRGYY, BRGXF) says it plans to sell its ~63% stake in the Central Area Transmission System, or CATS, gas pipeline in the U.K. North Sea, and associated infrastructure, to Antin Infrastructure Partners for up to £562M ($954M).
- BG says the sale would result in a post-tax profit of $700M and will not impact its rights to use the 251-mile pipeline network.
- The sale is part of BG's strategy to streamline its portfolio as its core business is hurt by falling output and restrictions on sales from Egypt, one of its key gas-producing operations.
Fri, Jun. 6, 10:59 AM
- BG Group (BRGYY, BRGXF) and partner Ophir Energy (OPGYF) announce a new gas discovery off the coast of Tanzania with its Taachui-1 probe in Block 1.
- The well was drilled to 13,808 ft. and encountered gas in a single gross column of 948 ft. within the targeted reservoir interval; net pay totaled 508 ft.
- BG, along with Statoil and Exxon, plan to build the first liquefied natural gas plant in the country to export natural gas to Asian markets in a project expected to cost $20B-$30B.
Fri, May. 30, 12:28 PM
- The new Russia-China gas deal, along with a new trend of setting prices linked to gas prices rather than the traditional crude oil benchmarks, could upset western Canada's plans for launching a liquefied natural gas export industry, according to a new report by TD Bank.
- "With so much LNG supply capacity set to come on stream, Asian buyers have more power to bargain for lower prices in LNG contracts, lowering the potential prices Canadian producers would receive, and could squeeze the economics of certain LNG projects,” TD says.
- Canadian projects still offer attractive spreads and proximity to Asian markets despite the challenges, but proponents must move quickly to grab first-mover advantage, TD says as it expects two LNG projects to secure final investment decisions before the end of the year.
- Relevant tickers include CVX, RDS.A, RDS.B, XOM, TRP, REPYY, REPYF, CEO, BRGYY, BRGXF.
Thu, May. 22, 11:48 AM
- Cnooc (CEO) and Gazprom (OGZPY) appear to be the front-runners among international companies that have submitted bids to develop Tanzania's lucrative gas and oil blocks.
- Cnooc, which is already developing the kingfisher oil field in neighboring Uganda, will compete with Statoil (STO) and Exxon Mobil (XOM) for block 4/3A off Tanzania's southern coast; Gazprom is the sole bidder for block 4/3B.
- STO and XOM already have teamed up in several discoveries in Tanzania, and STO and BG Group (BRGYY, BRGXF) are planning to build the first liquefied natural gas plant in the country.
Thu, May. 22, 10:52 AM
- British Columbia must avoid Australia’s policy missteps if it wants to establish itself as a source of liquefied natural gas for Asia, says Shamsul Azhar Abbas, the head of Malaysian national oil and gas company Petronas.
- Australia introduced “severe fiscal and regulatory policies” that added to the cost of doing business and negatively affected project economics there, Shamsul says; "as a result, the anticipated second wave of investors shied away, and even current investors are scrutinizing project viability."
- Chevron (CVX) and BG Group (BRGYY, BRGXF) are among energy companies that have been hit by cost overruns at their Australian LNG projects.
- The Petronas-led C$36B Pacific Northwest LNG project won an export permit from federal regulators in December and is considered a front-runner from among a dozen gas export terminals proposed for Canada's Pacific coast; Shell-led (RDS.A, RDS.B) also appears to be in a lead position.
- B.C. Premier Christy Clark says she is optimistic "one or two" LNG plants would be approved this year, including the Petronas-led project.
Mon, May. 5, 6:34 PM
- Brazil's oil and natural gas output rose to a 26-month high in March, as companies such as Royal Dutch Shell (RDS.A, RDS.B) and BG Group (BRGXF, BRGYY) made up for stagnant output from Petrobras (PBR).
- Brazil produced an average 2.64M boe/day in March, 13% more than the year-earlier month, the highest level since Jan. 2012 and the second-highest monthly result in Brazil's history.
- While PBR remains the dominant producer with 2.27M boe/day, its share of total national output slipped to 86% from 93% a year ago and 87% in February; PBR's average daily output in Q1 was the lowest in five years.
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BG Group plc (LSE: BG.L) is a world leader in natural gas, with a broad portfolio of business interests focused on exploration and production and liquefied natural gas. Active in more than 20 countries on five continents, BG Group combines a deep understanding of gas markets with a proven track... More
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