Elgin leak drags down BG Group

City A.M. Reporter
GAS trading at energy company BG Group has been hit by a downgrade of its US shale assets and falling European production as a result of a gas leak at Total’s North Sea Elgin facility earlier this year, BG Group said yesterday.

The US asset downgrade and production drop in Europe were partly offset by strong performance in its liquefied natural gas (LNG) business as well as by strong growth expectations for Africa and Australia, the company said in its second quarter earnings report.

The company said that its LNG operating profits had grown by some 25 per cent to the upper end of a range of $2.6bn to $2.8bn.