LONDON, Oct. 28 (UPI) -- British energy company BG Group said Tuesday it expected gas operations in Egypt, which account for 10 percent of its production, to continue to decline.
BG Group said its activities in Egypt accounted for 10 percent of its production and around 3 percent of its earnings during the third quarter. Output from exploration and production operations in the country was 55,000 barrels of oil equivalent per day, 51 percent less than the same period for 2013.
The company in its third quarter financial statement said no liquefied natural gas left Egypt from its operations.
"The group expects the earnings contribution from Egypt to continue to reduce over time," it said.
Total exploration and production output was 569,000 boe per day, down 2 percent from third quarter 2013. An increase in its operations in Latin America and the United Kingdom were more than offset by declines in Egypt, the company said.
BG Group this month appointed Helge Lund, the former head of Norwegian energy company Statoil, as new chief executive officer.
"We believe we have the best person in the international oil and gas market to lead BG Group in its next phase of growth," interim Executive Chairman Andrew Gould said.
BG Group shares were off more than 2 percent in early Tuesday trading.