The BG Group has delivered a pessimistic assessment of its Egypt operations, as its quarterly report shows that production more than halved in the space of a year and its receivables continue to grow.
The firm’s net gas output in Egypt slumped by 52% on the year to just 57,000 boe/day (340mn cfd) for Q2, a drop of 14% on the previous quarter. While an expansion project will temporarily arrest the decline, BG is unwilling to make further investments until the government addresses its debt to the company. (CONTINUED - 390 WORDS)
