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Shell agrees to buy BG Group for $70 billion

by ChemOrbis Editorial Team -
  • 08/04/2015 (13:48)
According to a press release on the company’s website, Royal Dutch Shell reached an agreement for the acquisition of BG Group. The estimated value of the transaction was reported at around $70 billion (£47 billion), which represents one of the biggest purchases in oil markets in a decade.

In the press release, Shell stated that it aims to increase its growth in liquefied gas and deep water exploration via the acquisition. In addition, the acquisition reportedly will add around 25% to Shell’s oil and gas reserves and 20% to production and provide Shell with enhanced positions in competitive new oil and gas projects, particularly in the Australia LNG and Brazil deep water segments. The oil major also targets to increase its competitiveness in gas markets against rivals like ExxonMobil.

In addition, Shell also reported that they are planning to increase asset sales to $30 billion in the period of 2016-2018.
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