BG Group strike lucky with profits

24-07-2006

Natural gas and oil company BG Group has posted a 53 per cent rise in second quarter operating profits of £752 million.

The UK-based firm, which was created in the demerger of British Gas, saw its operating profit for the past six months increase by 75 per cent in turn.

BG Group carries out gas and oil exploration and production (E and P) in sites around the world, but reported particular yield success in Egypt and the North sea.

Frank Chapman, the company's chief executive, said: "BG Group has delivered another strong performance. Operating profit for the half year is up 75 per cent, driven by outstanding growth in E and P volumes and contracted LNG (liquid natural gas) supply, together with higher realisations.

"We continued to add to our exploration portfolio, and made good progress on key projects keeping our growth programme on track."

Production rates of oil rose to 611,000 per day compared to 490,000 in the corresponding period last year, with profits swelled by continually high raw material prices.


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