Egypt aids BG Group's increase of First Quarter Production
Date: Thursday, May 13, 2004
BG Group's first quarter results, announced on May 11, beat analyst predictions. The company saw a 10% rise in oil and gas production mainly due to a new Egyptian operation. BG's 10% rise in oil and gas production to about 450,000 barrels of oil equivalent per day was due mainly to its fields in the UK, Kazakhstan, and Egypt. Most of the increase came from the start of operations at the Scarab Saffron field in Egypt. The company aims to produce 530,000 barrels of oil equivalent a day by 2006. According to the company, the rate of growth cannot be sustained as there will be a lull in new projects coming online.
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