BG Group (BG), a leading natural gas company in the global energy market, operates through four business segments, of which E&P (45% of 2010 rev.) and LNG (33%) are the largest. Exploration success and progress in projects in Australia, Brazil and the US contributed to 12% growth in total reserves & resources to 16.2bn boe in 2010. This also secures a 7% production growth by 2020, a BG strategy target. BG’s effective cost management in comparison to peers, planned GBP 6-7bn capital investment for 2011-12, the move into unconventional gas resources, and targeting of prospective acquisitions and partnerships, should allow it to meet its growth targets. BG strives to increase the value of oil sales from 50% to 70% by 2015 to become less dependent on the more volatile natural gas market. BG has had success in the Santos Basin offshore Brazil in 2010 and development is progressing towards full production in 2015. Tanzania and China are focus areas in 2011. Major risks are deepwater drilling accidents and a declining oil price, where a decline of 10% would lower operating income by 10-15%.