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UPDATE 1-BG finance chief steps down after illness

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(Globalpost/GlobalPost)

By Andrew Callus

LONDON, Feb 15 (Reuters) - BG Group finance director Fabio Barbosa, on leave of absence since September, is stepping down from the post as the British oil and gas group settles down to some tough challenges under a new chief executive.

Barbosa returned to his native Brazil for treatment of an undisclosed medical condition last year.

His role has been filled by group financial controller Den Jones. BG said Jones would continue as a temporary replacement while it looks for a permanent finance director.

Since Barbosa left, much has changed at BG, once the darling of oil and gas investors.

The company is struggling to bring huge new developments in Australia and Brazil onstream. It shocked the market in October when it forecast flat output for 2013 because of project delays and a scaling back of its U.S. shale gas activities due to falling prices.

Earlier in February, it abandoned its ambitions to become a 1 million barrel per day producer by 2015. Its shares had fallen by a fifth since the October update.

At the end of last year, long-standing chief executive Frank Chapman stepped down earlier than planned due to illness. He was replaced by Chris Finlayson.

Barbosa will remain at BG as Chairman of BG South America based in Rio de Janeiro, advising on its operations in Bolivia, Chile, Uruguay and Brazil.

http://www.globalpost.com/dispatch/news/thomson-reuters/130215/update-1-bg-finance-chief-steps-down-after-illness