Helen Robertson, LONDON: BG Group is targeting production
increases from its megaprojects in Brazil and Australia to help
it boost flagging profits. The UK company’s
operating profit for the fourth quarter of 2012 was down 12%
year-on-year to $1.8 billion, mainly because of lower output
from its North Sea and Egypt operations. The
company’s profit for the year came in 4% higher
than in 2011, to just over $8 billion. Revenue and other
operating income fell by 5% to $4.8 billion in the fourth
quarter of 2012, due to fewer liquefied natural gas (LNG) cargo
deliveries and a 2% decrease in overall production in the
period, BG said. The group’s full-year income was
just under $19 billion, an increase of 7% from 2011.
Increased LNG output boosted BG’s total full-year
production by 3%, to 657,000 barrels of oil equivalent a day
(boe/d), as strong Japanese demand drove up margins.