British energy firm reports lower output in Egypt

Egypt: The UK’s third-largest natural-gas producer, BG Group has said posted a 3% drop in earnings in the second quarter to $986m from $1bn a year earlier, as output declined in Kazakhstan and Egypt, Bloomberg has reported. While operations off Egypt haven’t been affected by recent civil unrest, the crisis remains a “primary concern and will continue to be so as the political, social and business environment evolves,” CEO Chris Finlayson said. BG’s gas-export volumes in Egypt fell 2.4% to 59.8 million barrels of oil equivalent (657,000 barrels a day), as reservoirs depleted and more supply was diverted to the domestic market to meet demand. Liquefied natural gas deliveries shrank 17% to 2.4 million tonnes, the firm said. []

Powered by WPeMatico

This entry was posted in Egypt News. Bookmark the permalink.

Leave a Reply