LONDON, May 11 (UPI) -- Helge Lund, chairman of British energy company BG Group, told a British newspaper he'd deliver to Shell-- a company well suited to navigate a new energy market.
The board of directors at Shell and BG Group reached an agreement in April for the Dutch company's acquisition of its rival.
The deal, valued at around $70 billion, is among the largest acquisitions since the Exxon Mobil merger was completed in 1999.
"My focus is now to deliver on the deal and this takes 100 percent and more of my time," Lund said in an interview published Sunday by The Telegraph.
BG Group said last week its earnings for the first quarter were down 41 percent to $1.6 billion. Revenue from upstream operations, the exploration and production side of the energy sector, was hardest hit for the company, though actual production increased during the first quarter.
Oil prices fell by about half from the June highs above the $100 per barrel market during the first quarter, squeezing profits for most energy companies.
Lund said there was a "cold spell" in the North American energy market, but there was value in other markets during the depressed crude oil cycle.
"On the oil market there are so many commentators focusing on giving accurate predictions on where the oil price will go but the common denominator is that most people are wrong, so we don't spend much time on that," he said.
Total production for the British company increased by 1 percent, though from its Australian and Brazilian assets, output more than doubled.
Lund left his position as chief executive officer at Norwegian energy company Statoil in February to lead BG Group, saying the time was right for a change.
"I will not continue into the new group so I will leave when the deal is done. I have not thought about what the next steps are yet," he said.
