BG delivered 58 LNG cargoes in second quarter

LNG player BG Group said it has supplied 58 LNG cargoes or 3.6 million tonnes of the chilled gas in the second quarter of this year.

Delivered volumes increased 17% with 13 cargoes from QCLNG and four additional spot cargoes more than offsetting nine fewer cargoes from the Group’s other long-term supply contracts, which included the impact of planned maintenance in Equatorial Guinea, BG said on Friday.

Revenue and other operating income for BG’s LNG Shipping & Marketing business was down 29% as a result of lower LNG sales prices, only partially offset by the higher delivered volumes.

LNG Shipping & Marketing EBITDA decreased 66% to $263 million, driven by the lower revenue and a greater proportion of relatively higher cost supply from spot cargoes, BG said.

Shell and BG signed a deal in April whereby Shell agreed to buy the UK-based company for 70 billion dollars.

The deal, which is now subject to regulatory and shareholder approvals, could see the formation of the largest LNG player the world has ever seen.

The transaction is on track to complete in early 2016.


LNG World News Staff; Image: BG Group