Investment in Brazil brings higher-than-predicted results for BG Group
Date added: 2nd November, 2010 at 09:31
(view all articles from November, 2010)
Categories: Natural Resources
BG Group today (November 2nd) announced an upgrade to its estimates of the productivity of oil wells it operates as a result of investment in Brazil.
The UK-based company said it now expects economically recoverable net resources from its operations in the Tupi, Iracema and Guara fields to reach 2.8 billion barrels of oil equivalent.
Meanwhile, it increased its forecast for economically recoverable resources before any deductions by 34 per cent from the mid-point of its earlier estimates.
It is now expected the fields will produce a gross of 10.8 billion barrels of oil equivalent, compared with 8.1 billion - the mid-point of its previous indicative resource range.
Chief executive of the firm Frank Chapman commented: "This is a material upgrade to what was already a world-class resources position."
BG Group today announced its results for the third quarter, revealing revenue and other operating income totalled $4.4 billion (£2.7 billion) between July and September.
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