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Shell secures final approvals to acquire BG

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Report summary

Shell's April 2015 bid to acquire BG has passed the final hurdle – securing majority shareholder approval. The strategic drivers for the acquisition remain compelling despite deepening turmoil across the oil and gas sector. The addition of BG's high quality Brazilian pre-salt volumes will establish Shell as the leading IOC deepwater player, and combining the LNG portfolios will bring scale and optionality. Shell will now join ExxonMobil in the Ultramajor league, but there will be clear differentiation at the top with ExxonMobil having leadership in unconventionals, and Shell in LNG and deepwater. Shell has outlined a post-BG strategy of 'grow to simplify', with US$30 billion of planned asset sales to streamline the portfolio and a continued focus on tighter capital management. But it will not be plain sailing and a 'lower for longer' oil price scenario has added to the challenges Shell faces. We have identified the six key success factors to achieve value growth despite low oil prices

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