BG Group to make £18.6 bn investment in Brazil
Date added: 15th March, 2011 at 10:40
(view all articles from March, 2011)
Categories: Natural Resources
Chairman of BG Group Robert Wilson yesterday (March 14th) told reporters in Brasilia that the company plans to make a $30 billion (£18.6 billion) investment in Brazil by 2020.
The nation intends to auction areas of its oil fields in the first six months of this year, including in the deep-water pre-salt regions of the Lula field and the firm has announced it will be bidding for the opportunity to conduct further exploratory operations.
Mr Wilson said BG Group has invested $5 billion in Brazil since 1994 and a statement from the company said that the investment plans could be "a first step towards making Brazil a provider of technological solutions globally."
The Reading-based business hopes to produce as many as 550,000 barrels of oil equivalent (boe) per day in Brazil by the end of the decade.
In 2009, BG Group's output from Latin America's largest economy reached a net 0.7 million boe.
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