BG Group completes all planned milestones for Q1

Oil and natural gas producer BG Group has reported first production from its Everest East expansion project in the UK North Sea, marking a significant milestone in the second of seven projects that the company plans to bring onstream this year.

The Everest Expansion is comprised of two sub-sea wells which are tied back to the North Everest platform and brownfield modifications to the existing production system.

The company anticipates that the project will provide initial peak production of over 10,000 barrels of oil equivalent (boe) per day, with total gross reserves of 20.6m boe.

Chris Finlayson, the Group chief Executive of BG Group, said: "With first production from the Everest East expansion in the UK North Sea, following the second floating production, storage, offloading vessels coming onstream offshore Brazil in January and the recent restart of Elgin/Franklin, we have now achieved the key production milestones we set for the first quarter of 2013."

In a separate announcement made the same day the company revealed that it had completed an appraisal programme in the Jodari field of block one offshore Tanzania.

The group's share price was 0.21% higher at 1,180.50p by 12:50.

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