Gas exploration firm BG Group announced yesterday it has flogged its share of a Texas midstream gas business for $231million (£144m).
The term ‘midstream’ refers to the gathering system which collects wet natural gas from wellheads and transports it to a gas processing plant.
BG will also take a $17 million (£11m) stake in the buyer, midstream gas firm Azure. The TGGT business is based in east Texas and northern Louisiana, USA.
The gas giant says the sale of its 50% stake is part of a strategy to focus more on its “core strengths of exploration and production and LNG”.