BG Group chief executive Frank Chapman said yesterday the energy company was entering a new decade of high growth, underpinned by a strengthened and rebalanced portfolio.
He said key projects were being significantly and rapidly derisked and the reserves and resources required for BG’s growth programme had already been secured.
Mr Chapman said: “Our aim is to achieve rates of growth which are a multiple of the industry average, extending our track record of shareholder value creation deep into the future.”
BG Group said it expected to grow production at the upper end of its compound annual target range of 6%-8% until 2020, passing the 1million barrels oil equivalent (boe) a day threshold around the middle of the decade.
In liquefied natural gas (LNG), BG Group expects contracted volume of 20million tonnes per annum (mtpa) by 2015.
It said that in Brazil production was already under way, underpinned by net reserves and resources of more than 3billion boe. Production is expected to ramp up strongly in the first half of the decade to reach more than 400,000boe per day net to BG Group by 2020.
BG added that in Australia the Queensland Curtis LNG project was on track for sanction this year, with planned plant capacity now increased to 8.5mtpa. It is expected on stream from 2014.
Discovered reserves and resources in Australia now stand at 17.3trillion cubic feet of gas. In the US, BG expects net production from its EXCO Resources shale-gas alliance to exceed 100,000boe per day by 2015.
BG added that total reserves and resources increased 10% year-on-year in 2009 to 14.5billion boe.
It also said that in the UK North Sea it had achieved 2009 net annual production of 56million boe, and was extending its planned plateau production above 50million boe a year until 2014.
The group said its capital expenditure over the three years to 2012 would average £5billion a year.
BG reported pre-tax profits of £3.86billion for 2009, down from £5.47billion the year before. Revenue was £10.2billion compared with £12.56billion the previous year. Mr Chapman said this had been a solid performance given the challenging economic environment, after weaker gas prices caused a decline in revenue.