Latest energy news : BG, Centrica, Tullow Oil, Heritage Oil
Latest energy news : BG, Centrica, Tullow Oil, Heritage Oil
2010/07/28 by ukcitymedia.co.uk about : Company Reports - 0 Comments - 485 words
BG has revenue up overall by 18% in the second quarter despite a negative affect of disposals, re-measurements, exploration charges and impairments. BG reported that it still expects slight improvement in production growth for the full year.
Exploration & Production profit was up from $728m in 2009 while profit within Liquefied Natural Gas LNG operations grew to $540m from $465m. Company incurred $443m in impairment charges that restricted overall profit before tax to $1.03bn from $1.37bn previously in 2009.
BG announced further appraisal success in the Santos Basin, offshore Brazil and production where first permanent production facility on Tupi is expected later this year.
Company also indicated that its total reserves and resources in Australia are now 2.9 billion boe where company intends to approve the new QCLNG project later in the year. BG total US shale gas reserves and resources were reported at over 1.3 billion boe.
Gas transport company Centrica CNA have indicated that earnings for six months till June were up to £886m from £537m even though revenues of £11.7bn was almost identical to last year as the British Gas owned company increased its interim dividend by 4.9% to 3.84p.
Centrica also announced that it had added 223,000 residential energy customer accounts after cutting its prices as chief executive Sam Laidlaw added “strong results underpinned by improved operational performance in each area of our business. We have a sound platform for growth with significant optionality in our investment programme.”
African oil explorer and operator Tullow Oil TLW has completed purchase of Heritage Oil HOIL’s 50% interest in Uganda Blocks 1 and 3A and will pay $1.35bn in cash plus an additional settlement of $100m once final tax issues are agreed with the Ugandan authorities.
Tullow operates three licences in Uganda with 100% interests in Blocks 1, 2 and 3A within the Lake Albert Rift Basin in Uganda.
The Ugandan government originally blocked the sale while disagreement remained over the amount of capital gains tax payable on completion of the sale but after months of wrangling, the government gave approval on 6 July.
Chief executive Aidan Heavey indicated that company intends an accelerated basin-wide development plan that it believes will deliver production in excess of 200,000 barrels of oil per day from the Albert Rift Basin.
Meanwhile, Tullow Oil have announce separately that its Ngiri-2 appraisal well in the Butiaba region of Uganda Block 1 has encountered reservoir quality said to be “excellent” and similar to Tullow Oil's Kasamene field in Block 2, where a production rate of 3,500 barrels of oil per day bopd was achieved during testing last year.
Exploration director Angus McCoss added “our estimate of the yet to find prospective resource remains unchanged at 1.5 billion barrels of oil... this continued success supports our planning for the accelerated basin-wide development with our future new partners Total and CNOOC."
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