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Date:Friday 13th August 2004
Title:Subsea 7 and Elcome Surveys Sign Cooperation Agreement

Subsea 7 has signed a co-operation agreement between their Integrated Remote Technologies (IRT) division and India based Elcome Surveys Private Limited (ESPL). This agreement will accelerate Subsea 7's expansion into the Middle East and Indian region whilst also providing an expanded range of services to ESPL's existing clients.

Subsea 7 IRT operates five DP ROV Survey vessels and has extensive experience in survey construction support, pipeline and structural inspection and operates a fleet of Remotely Operated Vehicles (ROV's), Remotely Operated Towed Vehicles (ROTV's) and Autonomous Underwater Vehicles (AUV's). ESPL have a long history of successfully performing hydrographic, geophysical and oceanographic surveys in India and own and operate their own survey vessels.

Subsea 7 IRT's Middle East General Manager Mike Dravitzki commented "Elcome Surveys has built up an excellent reputation over many years of operations in India. We worked well together on the recent Oil and Natural Gas Corporation (ONGC) pipeline inspection project which included the use of Subsea 7's ROTVs and a Cobra workclass ROV. We look forward to expanding the range of services that we can jointly provide to oil and gas and telecommunications clients in the region".

Jimmy Grewal, Executive Director of the Elcome Group added "Subsea 7 IRT and ESPL's combined resources compliment the capabilities of each organisation. Our clients in India and the Middle East will find in us a partner who can support their offshore survey and construction needs every step of the way".

Source: Subsea 7


Date:Friday 13th August 2004
Title:BG Acquires Operatorship of New Norwegian Blocks

BG Group has signed a Sale and Purchase Agreement with Lundin Petroleum AB, under which BG is to acquire 60% equity in Lundin's 100% owned license PL 292 in the Central Norwegian North Sea, with an option to acquire a further 10% interest.

License Area PL 292 incorporates blocks N6/3 and N15/12d. Block N6/3 contains the Pi oil and gas discovery and is adjacent to existing UK Central North Sea infrastructure, including the BG-operated Armada complex.

Under the transaction, BG will also acquire operatorship of the License Area by transfer effective from either 11 April 2005 or the partners' decision to drill a well, whichever date is the earlier.

Jon Wormley, Managing Director and Executive Vice President, North West Europe, said:

"This deal is further evidence of BG's determination to build a material business in the Norwegian North Sea, based on our existing expertise on the UK Continental Shelf. We are delighted to be working with our new partners, Lundin Petroleum, in this interesting new prospect."

The effective date for the transaction is January 1, 2004. From that date, BG will assume the costs and liabilities relating to the interest.

The transaction is subject to the approval of the Norwegian National Petroleum Directorate and the Ministry of Petroleum and Energy. Completion is expected in the fourth quarter of 2004.

In December 2003, BG was selected for the operatorship - and 100% ownership - of Blocks 1/2, 1/5 and 1/6 in Norway's first Predefined Areas licensing round. The intention is to shoot seismic over the blocks in 2004, with the drilling program beginning in 2006. In June 2004, BG was also awarded interests in two licenses in the 18th Norwegian offshore licensing round. These Norwegian Sea interests comprise 30% of Blocks 6504/1 (part block), 2, 4 and 5 (operated by ENI) and 30% of Blocks 6503/9, 6504/7 and 11 (operated by ChevronTexaco).

Source: BG Group