Investment in Brazil sees new oil discovery for BG Group
Date added: 17th February, 2011 at 09:43
(view all articles from February, 2011)
Categories: Natural Resources
BG Group's investment in Brazil's Santos Basin has seen the company discover new accumulations of oil.
The firm announced yesterday (February 16th) that the resource had been found in discovery well 4-BRSA-818, otherwise known as Macunaima.
Macunaima is located at a water depth of 2,134 metres in Block BS-S-10 in the Santos Basin, in which BG Group has a 25 per cent interest.
The well lies 244 kilometres off the coast of Rio de Janeiro State and the discovery is to be subject to further evaluation by the company.
State-owned oil firm Petrobras is the operator of BM-S-10 and has a 65 per cent stake in the area.
BG Group stated it's evaluation of the discovery will be conducted according to the appraisal plan set out by the National Petroleum Agency.
In its Annual Strategy update, released earlier this month, the firm said it had increased its estimate for net production in the Santos Basin to over 550,000 barrels of oil equivalent per day by 2020.
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