BG Group Sells Off 543km Australian Pipeline For £3.2b

Published at 11:30AM - 11/12/14

BG Group has completed the sale of its 543km Australian gas pipeline network for £3.2billion to the APA Group. The pipeline links an LNG export plant on the country’s east coast to Queensland’s BG gas fields. It expects to realise profits of $2.7 billion (post tax) on the sale.

Andrew Gould, the Interim Executive Chairman, said that the sale of the Queensland pipeline supported BG Group’s strategy to focus attention on its core competencies of exploration and production alongside LNG. The company is currently reviewing fundamentals, such as long-term assumptions over oil and gas prices, gas flow rates, and corporate business plans, in the light of the recent fall in oil prices.

Last updated on 11:52AM - 15/12/14