Shares in BG Group PLC (BG.LN) fell more than 5% Monday after the company lowered its production outlook for next year, citing delays bringing on new production from projects in Norway and Egypt.
Shares in BG Group PLC (BG.LN) fell more than 5% Monday after the
company lowered its production outlook for next year, citing delays bringing on
new production from projects in
Norway
and
Egypt
.
The company said around 30,000 barrels of oil equivalent per day of production
could be affected by the delays in
Egypt
and
Norway
in
2014. Around two thirds of that relates to
Egypt
,
where recent unrest has made it more difficult for BG to bring in the people
and equipment needed to drill new wells at a key offshore gas field, the
company said.
The delay to new production from phase 9a in the West Delta Deep Marine
concession in
Egypt
is
significant for BG because the company had been expecting to keep overall
output from the field from declining.
The production downgrade comes after the company's new Chief Executive Chris
Finlayson announced in May a strategy shift meant to address investor criticism
for big cost overruns at a key liquefied natural gas project in
Australia
, and
previous downgrades to its production forecasts that have dogged the company's
share price.
Last year, BG cut its oil and gas production for 2013 and scrapped a 2015
target of producing one million barrels of oil equivalent per day.
Διαβάστε ακόμα
Παρ, 26 Ιουλίου 2024 - 16:04
Παρ, 26 Ιουλίου 2024 - 16:02
Τετ, 24 Ιουλίου 2024 - 15:10
Τετ, 24 Ιουλίου 2024 - 15:06
Τρι, 23 Ιουλίου 2024 - 16:51