BG Group

UK Norway Share Fair – 20 April 2006

BG Norge

2

Legal Notice

The following presentation includes "forward-looking information" within the meaning of Section 27A of the US Securities Act of 1933, as amended, and Section 21E of the US Securities Exchange Act of 1934, as amended. Certain statements included in this presentation, including without limitation those concerning (i) BG Group's strategy, outlook and growth opportunities; (ii) the 2006 long term growth targets; (iii) growth, and the sources of growth, to 2009 and beyond; (iv) the projects and assets expected to contribute to BG Group’s growth; (v) commercialisation and project delivery activities; (vi) BG Group's positioning to deliver its future plans and to realise its potential for growth; (vii) market development; (viii) the global economic outlook; (ix) the economic outlook for the gas and oil industries; (x) demand for gas as a source of energy and for imports of gas; (xi) BG’s competitive position; (xii) statements preceded by “believes”, “expects”, “anticipates”, “plans”, “intends” or similar expressions, contain certain forward-looking information concerning BG Group's operations, economic performance and financial performance. Although BG Group believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward looking statements, as a result of, among other factors (i) changes in economic, market and competitive conditions, including oil and gas prices; (ii) success in implementing business and operating initiatives; (iii) changes in the regulatory environment and other government actions, including UK and international corporation tax rates; (iv) the failure to ensure the safe operation of BG Group's assets worldwide; (v) implementation risk, being the challenges associated with delivering capital intensive projects on time and on budget, including the need to retain and motivate staff; (vi) commodity risk, being the risk of significant fluctuations in gas and/or oil prices from those assumed; (vii) a major recession or significant upheaval in the major markets in which BG Group operates; (viii) risks encountered in the gas and oil exploration and production sector in general; (ix) fluctuations in exchange rates; (x) business risk management; and (xi) the Risk Factors included in BG Group's Annual Report and Accounts 2003. BG Group undertakes no obligation to update any forward looking information. This presentation does not constitute or contain, and shall not be taken to constitute or contain, an invitation or inducement to any person to underwrite, subscribe for, otherwise acquire, or dispose of or invest in BG Group plc or any other entity, nor does it advise any person to do any of the foregoing.

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BG Group

4

Who are BG Group?Evolution

5

BG Group The Key Facts

• A FTSE 25 company, listed on London and New York Stock Exchanges

• Market capitalisation £28 bn billion (315 billion NOK)

• Production volumes: 600,000 boepd (4Q2005)

• Turnover approx 70 bill NOK (2005)

• Production split: 70% gas; 30% oil

• Employs some 5,400 staff; 76% outside UK

• Active in some 23 countries

6

BG Group Where We Operate

Active in Some 23 Countries

Trinidad &Tobago

Egypt

KazakhstanUK

Argentina

India

Uruguay

Bolivia Brazil

USA Spain

Italy

Tunisia Thailand

Malaysia

Philippines

Singapore

Israel / PA

Canada

Mauritania

Norway

Libya

Nigeria

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Secure low cost resources

Connect gas to high value markets

Skills to succeed across the gas chain

• Equity reserves

• Contracted resources

• Build and access markets

• Serve customers

BG GroupIntegrated Gas Major

BG Group – a growth company

Integrated Gas Major

8Accelerated Project Delivery

BG Group Egyptian LNG – Record-breaking Project Delivery

• ELNG 1 Q2 2005 – 3 months acceleration

• ELNG 2 Q3 2005 – 9 months acceleration

• Upstream supply & liquefaction accelerated - less than 6 years after first exploration well

9

0

20

40

60

80

100

1998 1999 2000 2001 2002 2003 2004

Wells drilled Success ratio

BG GroupE&P Historical Performance

Wells drilled & % success ratio

35 wells

15 wells

13 wells

14 wells

71%

40%

100%

71%

25 wells

72%70%

20 wells

64%

28 wells

Proven Exploration Performance

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BG Group E&P Benchmarking

An Industry Leading E&P Performance

3 year Finding & Development costs ($/boe) 3 year Reserve Replacement (%)

Peer Group includes Super Majors, US and European Integrated MajorsSource: Evaluate Energy 2004, BG Group

0% 100% 200% 300% 400%$0 $2 $4 $6 $8 $10

BG 2002-2004

BG 2001-2003

Peer 2002-2004

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BG Group Europe - Regional Strategy

Outer Moray FirthBlake

Central North SeaArmada, SeymourEverest, LomondJ Block, Jade,Elgin, Franklin,

ECANeptune, Mercury,Wollaston & WhittleMinerva, Amethyst

Interconnector

CATS

SEAL

Schematic

Operations today Projects to 2006 and enhancements Beyond 2006

West Franklin, Glenelg, Maria Exploration

Buzzard, Cromarty, AtlanticExploration

Milford Haven LNG (Dragon)

Interconnector additional reverse flow

SILK

Potential Norwegian imports

Norwegian exploration Mid-Norway & Barents Sea

Norwegian exploration

From Single to Multi-sourced Strategy

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BG Group Largest E&P New Entrant into Norway for a Decade

All Market Values from 18 April 2006

-

50

100

150

200

250

300

350

400

450

500

ST

AT

OIL

AS

A

BG

GR

OU

P

NO

RS

K H

YD

RO

MA

RA

TH

ON

PE

TR

O-C

AN

AD

A

TA

LIS

MA

N

AM

ER

AD

A H

ES

S

LU

ND

IN P

ET

R.

DN

O

PR

EM

IER

OIL

PA

RE

SO

UR

CE

S

RE

VU

S E

NE

RG

Y

EN

DE

AV

OU

R

AL

TIN

EX

NO

K B

illio

n (

Mrd

)

• Most other new entrants tail-end focused and small (micro) caps

– Will not explore in Frontier Areas

• BG Group unique in a Norwegian Continental Shelf context with our:

– Organic Entry Strategy– Commitment to Drill– Proven Exploration & Appraisal

Track-record– Financial Capacity to Explore

also in Frontier Areas

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BG Norge

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BG NorgeCurrent Status

• BG first entered Norway through the 2003 APA Licence Round

• First licence was awarded in December 2003

• BG Norge office opened in May 2004 in Løkkeveien 103B Stavanger

• Further licences awarded in the 18th Round in 2004

• BG also awarded two licences in APA 2004 as operator and non-operator

• In 2005, BG acquired two licences and was awarded four new licences in the APA 2005; all BG operated

• In 2006, BG awarded 8 licenses in 19th Round, 5 BG operated

BG Norge now holds interests in 23 licences; 13 BG operated

North Sea

Norwegian Sea

Barents Sea

PL324PL325PL251PL382PL388PL390PL391PL392

PL297PL298PL143PL143CSPL335PL292PL337PL274BS

PL372SPL372BSPL373SPL374S

PL393PL395PL396

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BG NorgeWhy now?

• Licensing authorities encouraging new entrants;

• Introduction of exploration tax credit in 2005;

• UK-Norway treaty addressing median line issues;

• Opportunities to bring Norwegian gas to UK via existing UK infrastructure;

• GFU, Statoil, Petoro, Gassco/Gassled reform.

Material Improvements to Investment Climate

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BG NorgeStrategy – A 3 Step Approach

* Source: Norwegian Petroleum Directorate (NPD)

Actively Building our Long-term Business in Norway

2005 2010 2015 2020 2025 2030 2035 2040

1. Play Ext. – Leverage Position

2. Build Regional BG Hub

3. Long Term Growth Option

2317

120

5

10

15

20

25

Produced Proven Potential

BB

OE

North Sea Resources*

Mid-Norway Resources*

Barents Sea Resources*

3 7 110

5

10

15

20

25

Produced Proven Potential

BB

OE

0 1 60

5

10

15

20

25

Produced Proven Potential

BB

OE

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BG NorgeNorth Sea – April 06

BG operated acreageBG non-operated acreage

27

20

29

21 22

28

23

30 1 2

7 8

5604

3

9

5605

4

10

PL297 (Mandarin)BG 100% (Op)

PL292 (Pi)BG 60% (Op)Lundin 40%

NORTH SEA

PL143BG 30%CoP 35% (Op)

Talisman 35%

PL335 (Orange)BG 52% (Op)Talisman 18%Lundin 18%RWE 12%

PL337BG 25% Talisman 10% Pertra 35% (Op)Marathon 30%

PL298BG 20%Talisman 80% (Op)

PL143CS (Hummer)BG 20%Talisman 45% (Op)DNO 35%

J Block

E/F

Lomond

Everest

Armada

Ekofisk

Ula

Gyda

Varg

Jade

PL274BSBG 80% (Op)DONG 20%

(LUNDIN)

SOUTH WEST

PELICAN

HEATHER(PARTNERS)

BROOM

HEATHER

CHEVIOT

TERN

EIDER

KESTREL

OTTER

CORMORANT

CORMORANTNORTH

N.W.HUTTON

SOUTH

HUDSON

MELVILLE

MAGNUSSOUTH

DON

LYELL

NINIANCOLUMBA B

HUTTON

COLUMBA E

DEVERON

MERLIN

WEST

SKYE

MAGNUS N.W.

MAGNUS

A

B

THISTLE

DUNLIN

STATFJORD

OSPREY

D

DON NE

DON SW

PENGUIN\CLUSTER

MURCHISON

C

E

PLAYFAIR

NORTH

DOLE

OLE

ALWYN

STRATHSPEY

COLUMBA D

BRENT

BRENT SOUTH

STAFFA

GRANTDUNBAR

ELLON

H-WEST

DELTAMURCHISON

STATFJORD

STATFJORDNORTH

BORGSTUJ

GULLVEIG

GULLFAKSWEST

HILD

RIMFAKS

FORVIE AREA

SYGNA

STATFJORD\EASTTORDIS

VIGDISH-\NORTH

VISUND

KVITEBJOERN

GULLFAKSSOUTH

NOEKKEN

SNORRE

GULLFAKS

TORDIS EAST

VALEMON

HULDRA

AlphaWestKAPPA

OSEBERG

VESLEFRIKK

EastN.Alpha

BRAGE

TOGI

TROLL WEST\GAS PROVINCE

TROLL WEST\OIL PROVINCE

TROLL EAST

FRAM

AGAT

GJOEA

210 211

220

33

302 3 31 32

34 35 36

PL373S (Jordbær)BG 45% (Op)Revus 20%RWE 10%Idemitsu 25%

PL374S (Blåbær)BG 45% (Op)Revus 20%Premier 15%Petoro 20%

PL372S (Plomme)BG 70% (Op)Revus 30%

Snorre

Visund

Kvitebjørn

Gullfaks

Statfjord

Troll

PL372BS BG 70% (Op)Revus 30%

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BG NorgeMid-Norway – April 06

6301

6401

217

222

218 219

6300 6301 6302 6303

6402 6403

6502 6503

6602 6603

62036201 6202 6204 6205

6505

6304

6404

6504 6506 6507 6508 6509 6510

6405

6305 6306 6307

6406 6407 6408 6409

66056604 6606 6607 6608 6609 6610 6611

TrondheimTrondheimTrondheimTrondheimTrondheimTrondheimTrondheimTrondheimTrondheim

PL325 (Modgunn)ChevTex 40% (Op)BG 30%ENI 30%

PL324 (Gemini)ENI 40% (Op)BG 30%ChevTex 30%

MID NORWAY

Ormen-Lange

Åsgard

Skarv

Draugen

PL251 (Tulipan)Statoil 70% (Op)BG 20%Shell 10%

Norne

Njord

Heidrun

Viktoria

PL392 Shell 40% (Op)BG 20%Statoil 20%CoP 20%

PL382 BG 80% (Op)NORECO 20%PL390

BG 70% (Op)Idemitsu 30%

PL391BG 40% (Op)Hess 20%Idemitsu 20%Nor Energy 20%

PL388 BG 100% (Op)

BG operated acreage

BG non-op acreage

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BG NorgeBarents Sea – April 06

71207119 7121 7122

7020 7021 7022

72227220 7221 7223 7224

71277123 7124 7125 7126 7128 7129 7130 7131

72297225 7226 7227 7228 7230 7231

7029 7030 7031

71207119 7121 7122

7020 7021 7022

72227220 7221 7223 7224

71277123 7124 7125 7126 7128 7129 7130 7131

72297225 7226 7227 7228 7230 7231

7029 7030 7031

PL396BG 70% (Op)Discover 10%SDØE 20%

PL395Statoil 50% (Op)BG 30%SDØE 20%

PL393Hydro 30% (Op)BG 20%ENI 30%SDØE 20%

Snøhvit

Goliath

BG operated acreageBG non-operated acreage

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BG NorgeRig Status

• October 05: BG Norge signed rig contract with Mærsk for heavy duty jack-up rig, Mærsk Guardian (80 days)

Bringing the unit back (from Australia) to the Norwegian Continental Shelf in a very tight rig market

Programme of five wells with consortium members BP and Dong

• December 05: BG Norge exercised an additional 150 days option on the Mærsk Guardian

Future exploration drilling on the Norwegian Continental Shelf

• January 06: BG Norge contracted Bredford Dolphin for 100 days

Contract to commence 2Q 07

• March 06: BG Group signed contract on Rowan Gorilla VI – Unit may be upgraded to NCS drilling

Fortunately, despite a tight market, BG Norge has secured a total of 330 firm rig days in Norway over the next 24 months

Mærsk Guardian

Bredford Dolphin

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BG NorgeCurrent Organisation Chart

Country Manager - PETTER MYHRE

Exploration ManagerGUY OAKES

Finance & Adm ManagerTROND A STAMNES

Commercial & BD ManagerMARIANNE EIDE

Senior GeologistPETER ELLIS

GeophysicistSTEPHEN BOCCIOLI

AccountantAINA SKAU

Office Manager - KATRINA WIXØE

HSSE ManagerEVEN KOGSTAD

EVP ECA – MARK CARNE

AccountantMONICA NORDBØ

ReceptionistWENCHE JAASUND

GeophysicistRASMUS PEDERSEN

Senior GeologistsREIJO KANGAS

GeophysicistMONICA J VAKSDAL

Head Office Support

Well Engineering ManagerTOR ØYVIND OFTEDAL

IT Support - SchlumbergerAlexander Tungesvik (C)John Ivar Evensen (C)

Senior GeophysicistHARALD MOGSTAD

BG Group Well Eng. TeamsAberdeen - London

Techical AssistantARNSTEIN SJØBERG

UK/Aberdeen Based

Finance Support

Contracts Support

Well Team LeaderROBIN MCBRIDE

Wells Team LeaderANDRE ARCTANDER

GeologistSIMON VANSTONE

Well Team LeaderEINAR FRAMNES

G&G ConsultantMORTEN SLINDE

G&G ConsultantJAN MOEN

G&G ConsultantSTEINAR SKOTTHEIM

G&G ConsultantRICHARD BIRTLES

Res.Engineer ConsultantPER JOHANSSON

Drilling C&PNOEL HAMMONDS

Legal Support

G&G ConsultantTROND CHRISTIANSEN

Economics & Facility

GeophysicistARILD KJELDSTAD

GeologistLOTTE SVENDSEN

Senior GeophysicistLIV BYSTØL (May-06)

GeophysicistLIV K HUSØY (May-06)

2006 RecruitsAdditional recruitment

with new awards