BG
Group PLC ( ) is an
integrated oil and gas company which has its headquarters in
Reading,
Berkshire
, England
. The
Company is listed on the
London
Stock Exchange and is a constituent of the
FTSE 100 Index.
History
British Gas
The company was created in 1997 when
British Gas plc divested Centrica and became
BG plc, which was reorganised in 1999 as BG Group
plc.
Lattice Group de-merger
On 23 October 2000, a further demerger separated the company into
Lattice Group and BG Group. Lattice
took ownership of
Transco (the gas transporter for the
UK), Advantica (gas engineering and consultancy specialist) along
with the property and transport companies and BG Group took
ownership of gas fields and other assets.
In 2002, Lattice merged with National Grid Company to become
National Grid Transco which was renamed
National Grid in 2005.
Delisting
In
September 2007, BG Group delisted its ADR from the New York Stock
Exchange
after expressing concerns over the tougher rules
and high costs associated with the Sarbanes-Oxley Act. Instead its shares
began trading on the US
over-the-counter market known as
the Pink Sheets "International Premier QX".
Acquisitions
In June 2008 BG Group launched a US$13.1 billion hostile and
ultimately unsuccessful bid to acquire
Origin Energy,
Australia's largest coal-seam gas producer: BG
Group were out-manoeuvered by
ConocoPhillips who offered to invest US$9.1
billion in a joint venture with Origin.
In October 2008 BG Group agreed to buy
Queensland Gas for
US$3.4bn so enabling it to operate in
Asia's
liquified natural gas market.
Operations
BG Group's main business is exploration for and the extraction of
natural gas,
liquefied natural
gas and to a lesser extent oil. It sells these products to
wholesale customers such as retail gas suppliers and electricity
generating companies. It also owns some gas pipelines and is
involved in some power generation projects. It is active around the
world, with only a minority of its business being in the UK. BG
Group is a multinational company with operations in 27 countries.
Key areas for the company include:
Senior management
Frank Chapman was appointed Chief Executive of the BG Group in
October 2000. His remuneration for this role in 2008 consisted of
£1,081,588 base salary and a £1,944,000 bonus.
References
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