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. Production...