Shell inks $70B deal as Big Oil gets even bigger

Royal Dutch Shell announced Wednesday its $70 billion bid for BG Group, a British firm with a stockpile of prized oil fields off the coast of Brazil and lucrative natural gas holdings in Australia, according to CNNMoney.

The deal would be the biggest oil buy since Exxon bought Mobil in 1998.

Shell would increase its oil and gas reserves by 25 percent and production by 20 percent if the deal is completed.

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