BG Group, the British oil and gas company, is in late-stage talks to secure a 24.9 per cent stake in Queensland Gas Company in a deal that would trigger a mandatory takeover bid valuing the Australian coal-bed methane gas group at close to A$5bn (£1.96bn).

BG’s move on QGC, a company with which it is already in partnership, comes six weeks after it abandoned its A$13.8bn offer for Origin Energy after that Australian group struck a 50/50 venture to develop its coal-bed methane assets with ConocoPhillips of the US in return for A$9.6bn.