BG delivered 61 LNG cargoes in Q1

LNG player BG Group said it has supplied 61 LNG cargoes or 3.8 million tonnes of the chilled gas in the first quarter of this year.

Overall, the company’s delivered volumes increased 56 percent on year with eight additional spot cargoes, seven cargoes from QCLNG and six additional cargoes from long-term supply contracts in Equatorial Guinea, Trinidad and Tobago and Nigeria.

Revenue and other operating income for BG’s LNG Shipping & Marketing business was 13 percent higher to 2.24 billion dollars, as compared to the same period a year before.

These increases in revenue were largely offset by the impact of lower LNG sales prices, particularly in Asia and South America, BG said in its first quarter report on Friday.

“Our LNG business performed strongly. We delivered more cargoes and in our North American gas marketing business we demonstrated our ability to move swiftly to capture the benefits of the rise in US gas prices due to cold weather,” BG’s CEO, Helge Lund 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.

LNG World News Staff; Image: BG