BG Group agrees credit facility

Energy firm BG Group has agreed a new five-year $3bn (£1.9bn) credit facility, to replace an existing $2.3bn credit facility. The new facility was coordinated by Bank of America Merrill Lynch and HSBC, and includes a variety of banks, BG Group said. The new facility will stand alongside the $2.2bn five-year line of credit agreed last year, taking BG Group’s undrawn committed bank borrowing facilities to $5.2bn. Last week the energy firm warned that 2013 production would be flat, largely due to delays to projects. A scaling back of US drilling would also hurt output next year, BG Group said. However, production over the three months to September grew by five per cent.