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BG Group prioritizes Australia, Brazil

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By Daniel J. Graeber published 21 April 2015 by UPI

BG Group prioritizes Australia, Brazil

READING, England, April 21 (UPI) — British energy company BG Group said Tuesday it would change how it discloses financial data to reflect the importance of Brazilian and Australian assets.

BG Group said, starting May 8, it would unveil a number of disclosure mechanisms aimed at improving transparency and simplification of financial statements.

“[The changes will] also reflect the growing importance of Brazil and Australia on the group’s performance,” the company said in a statement.

BG Group last week came up empty-handed while drilling for new reserves in the Norwegian waters of the North Sea. Earlier this month, the company confirmed it was the target of a $70 billion takeover bid from Royal Dutch Shell.

The deal is among the largest acquisitions since the Exxon Mobil merger in 1999 and comes as most energy companies streamline capital expenses in a weak oil market. Shell said the deal would help both companies grow their priorities.

“The combination will add some 25 percent to Shell’s proved oil and gas reserves and 20 percent to production, each on a 2014 basis, and provide Shell with enhanced positions in competitive new oil and gas projects, particularly in Australia liquefied natural gas and Brazil deep water,” the company said.

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