High energy prices and LNG demand boost BG

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The company reported a 32% jump in pre-tax profit to $7.55 billion (£4.8 billion) for 2011 as revenues rose by 22% to $21.1 billion, allowing it to pay a full-year dividend of 23.76 a share.
BG's shares rose by 3%.

BG said it was increasing its estimate for the amount it will make from LNG by 30% to between $2.6 billion and $2.8 billion, helped by strong demand in Asia as economies expand rapidly and the Fukishima nuclear disaster prompts a shift to gas-fired power generation.

BG chief executive Sir Frank Chapman said the group would exceed its 2015 target of producing 20 million tonnes of LNG a year and that the longer-term goal of hitting 30 million tonnes by 2020 was "now within reach".

"Our LNG business is set fair with the prospect of excellent profit momentum for many years," Sir Frank added.

LNG is produced by liquefying the gas at minus 160 degrees Celsius, shrinking it to 1/600th of its original size and making it easier to transport.

Although BG has big plans for LNG, it announced it would scale back its plans to develop US shale gas this year after booming production of the fuel has depressed prices.