UK’s third largest gas producer BG Group said second-quarter earnings rose 23% after production from Brazil increased.
Profit excluding disposals and one-time items expanded to $1.2billion from $986million a year earlier.
The company is still seeking a chief executive after Chris Finlayson resigned in April in “a dispute over the speed” of the company’s creation of value for shareholders, according to executive chairman Andrew Gould.
Since then BG has accelerated asset sales, including a $953million North Sea deal last month.
BG and partners are ramping up oil extraction off Brazil, where the company may sell holdings in local projects for $10billion or more, according to Banco Santander’s estimates.
In Australia, BG plans to start its Queensland Curtis liquefied natural gas project, which should help it to offset some lost fuel cargos from Egypt after gas was diverted to the local market from exports.
The startup planned for the fourth quarter was threatened with delays because of “the threat of strike action,” Deutsche Bank AG wrote July 28.
Bechtel Group, the contractor building more than $60billion of LNG plants in Australia, faces a dispute with unions.
BG forecast total output will be at least 590,000 barrels of oil equivalent a day this year. Gould is acting chief executive until a permanent successor is found.