UPDATE 1-Shell-BG deal could face bumpy ride from partner rights

miércoles 8 de abril de 2015 16:17 GYT

(Adds Petrobras, Kazakh ministry spokespeople, analyst)

By Tom Bergin

LONDON, April 8 (Reuters) - Royal Dutch Shell Plc's agreed $70 billion takeover of rival BG Group could trigger pre-emption rights in key oil and gas fields that would erode the potential benefits of the deal for the Anglo-Dutch oil giant.

Shell said a main driver of its bid for BG Group was the gas-focused British group's position in Brazil. Two exploration blocks, named BM-S-9 and BM-S-11, account for almost all the value of BG's Brazil assets.

But, BG said in its annual report published last week:

"In certain specific circumstances, it is possible that BG Group's partners in BM-S-9 (Petrobras and Repsol Sinopec Brasil) have a right of first refusal to acquire BG Group's interest .. in the event of a change of control of BG Group plc".

BG and Shell declined to comment on the BM-S-9 rights.

When Shell Chief Executive Ben van Beurden was asked about change of control provisions on an analyst call on Wednesday, he said these could trigger pre-emption rights in relation to BG's stake in Karachaganak, a field in Kazakhstan.

He did not mention BM-S-9, which contains the Sapinhoa and Lapa fields.   Continuación...