Petroleum Africa
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Thursday, February 5, 2015
BG Group is reducing it spending in Egypt over the next four years. The company said in its Q4 statement that it will be knocking $1 billion off its budget in Egypt over the four-year period as its earnings and production from the country continue to reduce.
Following partial repayment of the outstanding debt in October and December, the amount owed by the Egyptian government was reduced to $0.9 billion, with $0.7 billion overdue at the year’s end, the company explained. It also said that the repayments it has seen from Egypt have “provide greater assurance on the group’s cash position.”
The activities in Egypt accounted for around 10% of BG’s production in 2014, and around 6% of business performance earnings.
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