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BG Group Revises Down 2014 Production on Delays in Egypt, Norway

BG Group announced production next year would be 30,000 boed lower than expected due to delays at projects in Egypt and Norway

In a note released on Monday ahead of the Capital Markets Day for analysts and investors, the UK-based company said that it was on track to meet its 2013 targets.

‘With regards to 2014 milestones, due to the on-going political and social instability in Egypt, phase 9a of West Delta Deep Marine has suffered delay, resulting in first production commencing later than expected in 2014,’ reads the note, adding of a four months delay at the Knarr project in Norway.

The Group does not see any change in the 2015 production guidance, ‘but this is subject to a recovery in natural gas prices in the USA and future events in Egypt.’