Gas giant BG Group says it is looking for a solution to its Egyptian crisis after seeing its profits for 2013 down by 5%.
The company, which issued a profits warning last week after declaring force majeure in the troubled North African country, said it was pleased with the progress it had made in other projects around the world.
But the continuing situation in Egypt, which saw the firm unable to deliver on gas supply commitments for a major LNG project in the country, was now a concern.
“In 2013, we met all of our key milestones and continued to progress our growth projects in Australia and Brazil,” said chief executive Chris Finlayson.
“In 2014, we will see first LNG exports from our QCLNG project in the final quarter and we will continue to ramp up production in Brazil.
“Clearly, we also have to address the near-term challenges we face in Egypt, and deliver our plans consistently and effectively.”
The firm posted a $1.07billion loss for the final quarter of 2013, which included a $2.2billion charge for disposals and impairments – including $1.29billion from Egypt.
Full year profits at the company were down 5% year on year to $7.6billion,
BG Group also reiterated their revised production forecasts for the next two years, with 2014 production expected to be between 590,000 barrels of oil equivalent per day and 630,000 barrels of oil, while 2015 production is set to drop to between 710,000 to 750,000boed.
But the company also forecasts the start-up of its $20.4billion QCLNG liquefied natural gas project in Australia, with production from the Santos Basin expected to ramp up following the installation of new floating production units.
BG also said it expected production in the North Sea to grow this year, despite a slower ramp-up from the Jasmine field and maintenance shutdown at Buzzard.
