BG has achieved great success through the drill bit over the last ten years. It has adapted its global gas strategy to the oil sector to build an outstanding portfolio of growth assets, primarily through consistent exploration performance. Resources such as Lula-Iracema in Brazil and the Block 1 gas fields in Tanzania were added to its portfolio and their size, location, production potential and net value indicate how great value can be created from new field exploration investment. Between 2005 and 2014 we estimate BG created value of US$7.7 billion under our Base price assumption. Project execution is now a primary focus - the pre-salt oil developments in Brazil, ramp-up of production at the Australian QC-LNG project, and in the medium term delivering the Tanzanian LNG project. If BG can deliver on these mega projects, it will lead its peers and achieve a phase of sustained out-performance on key operational metrics.