BG Group Seeks More Active Portfolio Management Strategy

BG Group Seeks More Active Portfolio Management Strategy

BG Group said Tuesday that it was sticking with a group production estimate of between 630,000 and 660,000 barrels of oil equivalent per day for 2013.

Reporting an update on its strategy, BG said it would continue to focus on areas of "distinct competitive advantage" in its upstream oil and gas and LNG businesses, and that it would continue to grow its exploration budget over the next three years to $1.8 billion per annum.

The firm said that it would also take a more-active approach to managing its portfolio of assets, monetizing them at different stages in their lifecycle and bringing in partners to accelerate value delivery. BG wants to create a focused portfolio of between 10 and 15 high-quality, material assets, it added.

BG Group Chief Executive Chris Finlayson commented in a statement:

"BG Group is a great company with a strong pipeline of projects and deep-set skills and expertise that differentiate us, particularly in exploration and LNG. We are big enough to explore the best frontier acreage but small enough to be agile – valuable attributes, which I intend to keep.
 
"In a period where LNG demand is expected to grow twice as fast as overall gas demand, with underlying supply needing to grow by nearly nine percent to meet total demand, BG Group is well positioned to capitalize on this growing market through our competitive advantages of world-class exploration and a distinctive LNG business, facilitated by our commercial agility.
 
"While we expect LNG demand to grow, our exposure to oil is also increasing through our outstanding portfolio in Brazil. We are making good progress with the execution of the program and, as our knowledge of these giant fields grows, we expect further development phases to accelerate production and increase recovery, significantly increasing the value of the assets."



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Serinus Shuts-In Sabria Field Due to S... (May 23)
 -  Proserv Secures Series of Services Dea... (May 23)
 -  BP Urges Engineers to Apply for Trinid... (May 23)
 -  CGG to Support Oman Industry Workers t... (May 23)
 -  Wood Group Engineers to Carry Out Sakh... (May 22)


Most Popular Articles

From the Career Center
Jobs that may interest you
Plant Manager- West Memphis, AR
Expertise: Field Service Tech|Production Operator|QA / QC / Inspection
Location: West Memphis, AR
 
Dry Plant Lead Operator/Dry Plant Operator III/Dry Plant Operator
Expertise: Refinery / Plant Operations Supervisor|Refinery / Plant Operator
Location: Kermit, TX
 
Wet Plant Operator III / Wet Plant Operator II
Expertise: Maintenance Technician|Refinery / Plant Operator|Supply & Distribution
Location: Kermit, TX
 
search for more jobs

Brent Crude Oil : $53.87/BBL 0.48%
Light Crude Oil : $50.73/BBL 0.79%
Natural Gas : $3.33/MMBtu 2.14%
Updated in last 24 hours