|
|
|
|
|
|
|
|
|
-
-
- Get the latest oil & gas news
-
-
-
- Offshore Directory will be launched in October!
-
- Weekly news summary - over 30,000 subscribers
-
-
|
BG posts 19% profit rise
 Britain's BG Group has posted a big 19% rise in profit to US $8.2 billion for last year.
Earnings for 2011 were up 15% to $4.63 bn while revenue last year was up 22% to $21.14 bn compared with 2010 figures.
Taking into account disposals and impairments, BG saw a 32% surge in operating profit to $7.36 bn in 2011 from $5.556 bn in 2010 and managed total operating profit in 2011 of $7.83 bn, compared with $5.99 bn in 2010.
For the fourth quarter last year, BG reported a 19% rise in in total operating profit to $2.14 bn from $1.80 bn the previous year, and a 40% rise in earnings for the period to $1.47 bn from $1.05 bn in the fourth quarter 2010.
With disposals and impairments, fourth quarter operating profit was up 27% to $1.79 bn from $1.420 the previous year, and fourth quarter earnings were up 48% to $1.33 bn from $905 million the previous year. Fourth quarter revenue was up 34% to $5.83 bn from $4.46 bn.
Chief executive Sir Frank Chapman has underlined growth in South America, in the US and in Australia which has helped to boost the production profile of the UK-based energy group.
Chapman highlighted the signing of a “landmark” agreement for the Sabine Pass Liquefaction project in the US which will secure 5.5 million tonnes of LNG per annum over 20 years.
He also highlighted a further $1.2 billion investment in Australia's Queensland Curtis LNG project, due onstream in 2014, and in Brazil progress is underway towards development of the Sapinhoa field – formerly known as Guara - where a declaration of commerciality was submitted to Brazilian authorities for approval last December, 12 months early, which will mark the start the production phase of that project.
“On Lula, production increased to around 90,000 barrels of oil equivalent per day from just three production wells; testimony to the exceptional reservoir characteristics. We also continued to make good progress on development, with unit costs falling for the most recent FPSO vessels and substantially shorter drilling durations. The second FPSO arrived in Brazil for integration work prior to deployment on the Sapinhoá field in 2013. We are on track to deliver 2.3 million barrels of oil,” Chapman stated.Advertisement
 Total has declared the well kill operation on the North Sea Elgin field has been a complete success. [Les mer ] • Company news
 Dubai-based petroleum services specialist NPS Energy is being bought out by Norway's Aker Solutions for US $350 million. [Les mer ] • Company news
 Ocean Rig's Poseidon drillship is set to drill for Chariot Oil and Gas on the Nimrod prospect offshore Namibia. [Les mer ] • Rig news
 Norway's Brynhild development is to feature subsea meters as part of the subsea production system. [Les mer ] • Contracts
 Operator EnQuest has indicated that it expects Field Development Plan approval for its North Sea Galia development soon. [Les mer ] • Field development
 Scotland First Minister Alex Salmond has cracked open a £10 million funding package to support decommissioning activity in the Shetland Islands. [Les mer ] • Company news
|
|
|
|
|
|
|