BG Sold Its Interest In Indonesian Project

British gas monopoly BG Group has sold its 50% interest in the Muturi Production Sharing contract in Indonesia, to a subsidiary of LNG Japan Corporation, Indonesia Natural Gas Resources Muturi; and CNOOC Muturi Limited, a wholly owned subsidiary of CNOOC Limited.

Indonesia Natural Gas Resources has acquired 29.23% of BG Group's 50% interest, and CNOOC getting the remaining 20.77% for an aggregate cash consideration of about US$253 million.

BG Group announced the sale of its 50% interest to Mitsui Indonesia Gas B.V. on 2 December 2003. Subsequently, existing partners in the Muturi PSC, INGRMI and CNOOC have purchased BG's 50% operated interest in the Muturi PSC in West Papua for a sale consideration of US$236 million, plus reimbursement of expenditure incurred by BG since the economic effective date.
The participants in the Muturi PSC are now CNOOC Muturi Limited with 64.77%, Indonesia Natural Gas Resources Muturi Inc with 34.23% and BP Muturi Holdings B.V. with 1%.