BG Group
| Type | Public Limited Company |
|---|---|
| Traded as | LSE:BG GRP |
| Founded |
1997 (Demerger of Centrica) 2000 (Demerger of Lattice Group from BG Group) |
| Headquarters | Reading, UK |
| Key People |
Chris Finlayson (Chief Executive), Martin J Housten (Executive Director) |
| Revenue | US $21.25 billion (2011)[1] |
| Net Income | US $4.32 billion (2011)[2] |
| Total Assets | US $61.382 billion (2011)[3] |
| Employees | 6,472 (2011)[4] |
| Website | www.bg-group.com |
Global Snapshot
BG Group is a British multinational natural gas company, which is one of the top-20 global oil and gas groups, according to Reuters.[5] It is also the UK's third largest oil and gas producer[6] and was listed 28th in the Global Energy Company Ranking in 2012.[7]
BG Group's origins trace to the state-run British Gas Corporation. The Corporation was privatised in 1986 and renamed British Gas plc; that company then split into BG plc and Centrica in 1997. In December 1999, BG plc completed a financial restructuring which resulted in the creation of a new parent copmany, BG Group plc.[8]
With headquarters in the United Kingdom, it operates in more than 25 countries across Africa, Asia, Australia, Europe, North and South America. BG Group produced about 657,000 barrels of oil equivalent a day (boe/d) in 2011, which represents a three percent increase to the year before.[9] In 2009 it had total proven reserves of 2.6 billion barrels of oil equivalent about half of which lie in Egypt and the United Kingdom (25 percent and 24 percent, respectively).[10]
Company Report Highlights
BG Groups Full Year Results[11] reveal that the companies company's total operating profit increased by 19 percent to US $8.2 billion in 2011, mainly due to progress on major projects in Australia and Brazil. CEO Frank Chapman said in the report, BG Group also signed a landmark agreement with Sabine Pass Liquefaction securing 5.5 million tonnes per annum of liquefied natural gas (LNG) export volumes for the coming 20 years. While the Group's overall production volumes fell by one percent due to infrastructure restrictions in the North Sea, production outside the UK grew by five percent.[12]
BG Group's operating profits fell 12 percent in the fourth quarter of 2012, which the Petroleum Economist interpreted in early 2013 as a reflection of lower outputs form its North Sea and Egyptian operations.[13] For a number of reasons, including the shutdown of a rig in the North Sea and lowered gas reserve estimates in Egypt, BG Group planned for a year without growth in 2013, according to The Guardian.[14]
BG Group in Gaza
BG Group is at the center of a dispute over the exploitation of a gas field offshore the Gaza Strip, in which it is the main shareholder. The Group and its partner, the Consolidated Contractors International Company (CCC), were initially granted oil and gas exploration access in 1999 through the Palestinian Authority (PA). Since the Group successfully drilled two wells with reserves of approximately 1.4 trillion cubic feet in 2000, there has been political controversy between the Israeli government, the PA, and Gaza ruling Hamas over production, consumption and revenues.[15]
In 2007, BG Group stopped negotiations with the Israeli government for the gas sales from the Gaza Marine field and closed its office in Israel in 2008.[16] According to a leaked US diplomatic cable from 2008, a senior BG Egypt official said the company didn't expect any movement in the near future on the development of the gas field "in light of Israeli intransigence on price, and political developments".[17] in Gaza. Conflicting reports in 2012 indicated that BG Group was willing to sell its rights on the one side,[18] and restart negotiations on the gas field's development on the other.[19]
Global Reputation
What BG Group says about its corporate citizenship
In 2010 BG Group introduced the annual Sustainability Report, in which it reports on its performance in key areas, including Ethical Conduct, Safety/Health/Security and Environment. BG Group has claimed it is especially concerned with water management, oil spill reponse, biodiversity and its emissions performance.[20]
What others say about BG Group's corporate citizenship
External memberships and rankings
EITI Supporter Status
BG Group is a supporting company of the Extractive Industries Transparency Initiative (EITI).[21]
UN Global Compact
BG Group has been an active member of the UN Global Compact initiative since 2005.[22]
Global Operations by Country
Egypt
Main article: BG Group Operations in Egypt
Kenya
Main article: BG Group Operations in Kenya
References
- ↑ Fourth Quarter & Full Year Results 2011" BG Group plc.
- ↑ Fourth Quarter & Full Year Results 2011" BG Group plc.
- ↑ Fourth Quarter & Full Year Results 2011" BG Group plc.
- ↑ Sustainability Report 2011" BG Group.
- ↑ "BG names industry veteran Finlayson as CEO", Reuters, 13 December 2012.
- ↑ "Argentina Wins Appeal in BG Group MEtrogas Bankruptcy Case", Bloomberg, 17 January 2012.
- ↑ "Global Engery Company Ranking", platts Top250, retrieved 6 March 2013.
- ↑ "[http://www.bg-group.com/AboutBG/Documents/BG_demerger_history.pdf Demerger History]", BG Group, retrieved 7 March 2013.
- ↑ "BG eyes production ramp-ups as profits slump", Petroleum Economist, 8 February 2013.
- ↑ "Annual Report and Accounts 2009", BG Group, 2009.
- ↑ Fourth Quarter & Full Year Results 2011" BG Group plc.
- ↑ Fourth Quarter & Full Year Results 2011" BG Group plc.
- ↑ "BG eyes production ramp-ups as profit slumps", Petroleum Economist, 8 February 2012.
- ↑ "BG Group shares hit two-year low as companyadmits to no growth in 2013", The Guardian, 31 October 2012.
- ↑ "Palestinians missing out on a £2bn energy fortune",The Week,16 February 2009
- ↑ "Areas of Palestinian Authority", BG Group website.
- ↑ "BG Egypt on Gaza Marine Gas Field", WikiLeaks, 1 September 2011.
- ↑ "BG Said to Sell Gas Field Off Gaza After Israel Blocks Project", Bloomberg, 9 March 2012.
- ↑ "Israel, Palestinians discuss developing gas off Gaza coast", Reuters, 23 September 2012.
- ↑ "About this report", BG Group, retireved 6 March 2013.
- ↑ "[http://eiti.org/supporters/companies/bg-group BG Group Company Profile]", EITI, retrieved 6 March 2013.
- ↑ "BG Group Company Profile", UN Global Compact, retrieved 6 March 2013.
