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BG Group declares Force Majeure in Egypt


Published Jan 28, 2014
BG Group-6

BG Group has issued Force Majeure notices under its LNG agreements in Egypt reflecting the ongoing diversions of gas volumes to the domestic market in excess of the existing pooling arrangements.

The Group will publish its preliminary 2013 fourth quarter and full year results on 4 February 2014. Currently the Group expects to report:

◾ 2013 production volumes of around 633 thousand barrels of oil equivalent per day (kboed), in line with guidance ◾ LNG Shipping & Marketing total operating profit of approximately $2.6 billion, in line with guidance ◾ Business performance** earnings flat at approximately $4.4 billion (around 130 cents per share) ◾ Non-cash, post-tax impairments of approximately $2.4 billion associated with Egypt (around $1.3 billion) and the US (around $1.1 billion) ◾ Total results earnings (post impairments) of approximately $2.2 billion (around 65 cents per share)

Tags: BG Group




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