Bloomberg News

BG Cuts U.S. Shale-Gas Production Forecast 58% After Price Drop

February 09, 2012

Feb. 9 (Bloomberg) -- BG Group Plc cut is forecast for U.S. shale-gas production in 2015 by 58 percent because of lower natural-gas prices.

The U.K.’s third-largest oil company said today it expects to produce the equivalent of 80,000 barrels a day of gas from U.S. shale field in 2015, down from an an earlier forecast of 190,000 barrels.

The driller will cut the number of rigs it has operating at U.S. shale field to 8 from 35, it said today in an annual strategy briefing.

U.S. gas producers have cut back on drilling after a boom in production from shale fields provoked a 40 percent drop in natural-gas prices over the past year.

To contact the reporter on this story: Eduard Gismatullin in London at egismatullin@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net


Hollywood Goes YouTube
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus