BG Group buys into US shale
US oil and natural gas company Exco has signed an agreement with UK-based BG Group to jointly develop its Haynesville shale gas assets.
Under the terms of the agreement, BG Group paid $1,055 million for a 50% interest in 120,000 acres in east Texas and North Louisiana - 84,000 acres of which cover the Haynesville shale gas formation. This will add 2.6 trillion standard cubic feet (tcf) to BG Group's resources and should result in production increasing from 78 million standard cubic feet (mmscfd) to 250 mmscfd by 2012, according to the company.
The companies have also agreed to negotiate an additional acquisition of a 50% interest
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