BG plans investment in Brazil and ups its oil production forecasts
Date added: 9th February, 2011 at 09:00
(view all articles from February, 2011)
Categories: Natural Resources
Natural gas company BG Group is to make a further investment in Brazil this year, as it raises its estimate of net oil production for the future.
The British-headquartered company is to plough $10 billion (£6.2 billion) into its business in 2011, focusing on the Latin American country as well as the USA and Australia.
BG Group announced yesterday (January 8th), as part of its annual strategy update, that it has increased its estimate for net oil production by 2020 to over 555,000 barrels of oil equivalent per day (boed) from 440,000.
It also expects to see strong growth in output between 2011 and 2015, with operations in Brazil, Australia and the USA driving the rate of production expansion above the long-term forecast of six to eight per cent to 2020.
In Latin America's largest economy, the company has started commercial production on the Lula oil field and expects total production capacity in the Santos Basin to reach 2.3 million boed by 2017.
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