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January 27, 2014
06:01 EDTBRGYYBG Group declares force majeure in Egypt
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. For 2013, BG Group expects production and LNG Shipping & Marketing results to be consistent with market guidance. Full year 2013 production is expected to be approximately 633 kboed, which includes around 570 kboed from base assets. In Egypt, diversions to the domestic market during the fourth quarter were higher than expected. The revised pooling arrangements put in place for 2013 have not been honoured and domestic diversions are currently at around capacity, close to 1 billion standard cubic feet of gas per day. As a result, BG Group has been unable to meet in full its obligations to deliver gas to Egyptian LNG and given the current levels of domestic diversions and the continued uncertainty around the level of future diversions, BG Group has served Force Majeure notices under its LNG Agreements to buyers and lenders. BG Group remains committed to the Egyptian LNG Project and will continue to negotiate with the Egyptian authorities and other stakeholders to seek a long term solution. In 2014, BG Group’s production volumes are expected to be in the range of 590 – 630 kboed with base assets contributing in the range of 480 – 520 kboed, excluding portfolio changes. BG Group currently expects production for 2015 to be in the range of 710 – 750 kboed, excluding portfolio changes.
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