GDF Increases Gas Production Target as it Boosts Capex

French energy group GDF Suez plans to target gas production of between 59 and 63 million barrels of oil equivalent by 2016, compared to 52 Mmboe in 2013, as part of its strategy "to build integrated positions all along the gas value chain", the firm said Thursday.

Reporting its results for 2013, GDF highlighted several successes it achieved in the gas sector during last year, including: entry into exploration and production licenses in Brazil and Malaysia; its agreement with Dart Energy to acquire a 25-percent stake in 13 onshore licenses with shale gas potential in the UK; and the commissioning of the Juliet and Orca field in the UK North Sea and of the Amstel field in the Netherlands.

In contrast to other European oil and gas firms' moves recently to slash capital spending in order to boost dividend payments, GDF said it would boost growth by increasing its annual gross capex budget to between $12.3 billion and $13.7 billion (EUR 9 billion and EUR 10 billion) for the 2014-to-2016 period from (EUR 7.5 billion) in 2013.

GDF reported an eight-percent decrease in revenues to $122 billion (EUR 89.3 billion) for 2013, with profit on the EBITDA level falling by 13.2 percent to $20.3 billion (EUR 14.8 billion).

GDF CEO Gérard Mestrallet commented in a company statement:

"The group's operational results in 2013 are strong and confirm our strategy in a very difficult economic environment for thermal power production and gas storage in Europe... GDF Suez will increase its development capex program, already the most ambitious in the industry. Our strategy is clear: to be the benchmark energy player in fast growing markets and to be leader in the energy transition in Europe."

 



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
 -  First Workers Complete New Industry Tr... (Mar 29)
 -  Mexico, UK Strengthen Ties with 5-Day ... (Mar 29)
 -  Sparrows Group Teams in Australia to D... (Mar 28)
 -  INPEX to Reorganize Natural Gas Busine... (Mar 28)
 -  Scottish Offshore Service Provider Pra... (Mar 28)


Most Popular Articles

From the Career Center
Jobs that may interest you
Field Project Assistant
Expertise: Project Management
Location: Midland, TX
 
Tax Specialist Required for Global Service Company in Houston
Expertise: Accounting
Location: Houston, TX
 
Administrator / Office Supervisor
Expertise: Accounting
Location: Sugar Land
 
search for more jobs

Brent Crude Oil : $52.42/BBL 2.12%
Light Crude Oil : $49.51/BBL 2.35%
Natural Gas : $3.17/MMBtu 2.25%
Updated in last 24 hours