BG Group Braves Difficult Year

Image Courtesy: BG

Despite difficult market, 2015 seems to have been a very positive year for BG Group as the company may even exceed its operational projections for the full year. 

BG said that its business performance earnings are expected to reach around USD 1.7 billion, with total results earnings of at least USD 2.3 billion and net cash flow from operating activities of around USD 4.3 billion.

“Our excellent operational performance in 2015 is expected to deliver results in line with, or ahead of, our guidance for the year. Ramp up of both LNG trains at our Queensland Curtis LNG  (QCLNG) project in Australia and the start-up of our sixth FPSO in Brazil drove a strong E&P operational performance while our LNG Shipping & Marketing business delivered 282 cargoes, an increase of 58% on 2014, in difficult market conditions,” says Helge Lund, BG Group’s Chief Executive.

The group’s LNG Shipping & Marketing segment delivered 282 cargoes (17.9 million tonnes) in 2015, 104 more cargoes than in 2014. Increased supply was driven by 77 cargoes from QCLNG and 31 additional spot cargoes.

Of the 282 cargoes (2014 178), 209 were supplied to Asian markets (2014 121). BG Group delivered its first ever cargoes to Egypt, Pakistan and Jordan during the year.

Full year E&P production volumes are expected to average 704 kboed in 2015, around 16% higher than 2014 reflecting growth primarily in Australia, Brazil and Norway.

BG Group said it would publish its preliminary, unaudited, 2015 fourth quarter and full year results on 5 February 2016.

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