BG Group profits from investment in Brazil
Date added: 27th July, 2011 at 10:33
(view all articles from July, 2011)
Categories: Natural Resources
British energy company BG Group saw strong results in the second quarter of 2011, with its investment in Brazil proving profitable.
The firm yesterday (July 26th) released its earnings report for the period between April and June, showing that reserves and resources in the nation were twice as high as they were 12 months previously.
Operations by the company in the country's Lula oil field have now produced more than one million barrels of equity oil and BG Group reported other advantages of working in the area.
Chief executive of the company Sir Frank Chapman explained: "We saw major increases in our reserves and resources, with the new resources delivering a higher unit value as their production is expected to require no additional surface facilities."
The Lula oil fields share the same name as former president of Brazil Luiz Inacio Lula da Silva, who is credited with helping millions out of poverty during his term as leader.
However, the politician as well as state oil company Petrobras explained that the word means squid in Portuguese and the field had been given the moniker because it is traditional for the energy firm to name deepwater zones after marine creatures.
"It's not my name," president Lula said at the time. "It's the name of a crustacean."
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