BG, which has a market value of $46 billion, said in a statement on Tuesday it was in advanced discussions regarding a possible offer by Shell, whose market capitalisation is $202 billion. Exxon is worth $360 billion. A successful deal would give Shell access to BG’s multi-billion dollar projects in Brazil, East Africa, Australia, Kazakhstan and Egypt, including some of the world’s most ambitious liquefied natural gas (LNG) projects. The collapse in global oil prices has sparked much speculation about mergers in the industry and BG has often been cited as a potential target.