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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/02/higher-prices-boost-bg-profits.jpg"><img class="alignnone size-full" title="Gas exploration firm BG has reported a better-than-expected rise in fourth quarter profits" src="http://londonglossy.com/wp-content/uploads/2011/02/min-higher-prices-boost-bg-profits.jpg" alt="Gas exploration firm BG has reported a better-than-expected rise in fourth quarter profits"/></a></p>
<p>Gas exploration firm BG has reported a better-than-expected rise in fourth quarter profits despite a surprise drop in production.</p>
<p>The former British Gas firm said earnings increased by 13% to 1.1 billion US dollars (£655.2 million) in the final quarter of 2010, whereas the City had expected 924 million US dollars (£573.3 million).</p>
<p>The company said higher selling prices, including an 18% increase in the price of gas it sold in UK, had helped boost its profits. </p>
<p>Production of oil and gas dropped by 2% in the final quarter, whereas the City had expected levels to remain flat.</p>
<p>But the company said it expects to increase production by 7% a year until 2020 from existing discoveries alone.</p>
<p>The company also upped its production targets for the Santos Basin in Brazil, which it said will increase output by 38% to 550,000 barrels of oil equivalent per day by 2020, while it expects volumes of US shale gas to nearly double to 190,000 barrels of oil equivalent per day.</p>
<p>The strong fourth quarter results helped BG Group to record an 18% increase in earnings to 4 billion US dollars (£2.5 billion) in the full-year.</p>
<p>Stuart Joyner, an analyst at Investec, described BG&#8217;s results as a solid performance. He said: &#8220;They will get continuing assistance from commodity price rises in the first quarter of 2011, as oil is still more expensive than forecast even though it has come down a bit in recent days.&#8221;</p>
<p>The Reading-based firm expects to increase its output above its 7% target from 2012 as it ramps up production from new sites in Brazil, Australia and the US.</p>
<p>The company also said its total reserves increased by 12% to 16.2 billion barrels of oil equivalent in the year.</p>
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