BG Group reports massive write-down on Aus assets
PERTH (miningweekly.com) – British oil major BG Group has warned of a $6.8-billion noncash impairment charge on its Australian assets for the fourth quarter ended December 31, driven by the fall in global commodity prices.
BG told shareholders that, following the December agreement to sell its wholly-owned subsidiary Queensland Curtis liquefied natural gas (QCLNG) Pipeline to the APA Group for $5-billion, the remaining QCLNG assets would be impaired by $2.7-billion.
A further $4.1-billion in noncash impairment charges were the result of a reduction in the group’s assumptions of future commodity prices.
Train 1 at the QCLNG project was expected to reach plateau output of around four-million tonnes a year in the second quarter of 2015, with Train 2 expected to come on-stream in the third quarter. Plateau production from both trains of around eight-million tonnes a year should be achieved by mid-2016.
Up to 20% of gas for the two trains will be supplied by third-party contracts during the ramp-up phase.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation















