Investment in Brazil to rise on oil find?
Date added: 27th January, 2011 at 10:10
(view all articles from January, 2011)
Categories: Natural Resources
British energy company BG Group has discovered new reserves of oil off the coast of Sao Paulo state, which may encourage further investment in Brazil.
The company announced yesterday (January 26th) that it had found light oil in well 3-BRSA-861-SPS, otherwise known as Carioca North East.
This well is located in Santos Basin's Block BM-5-9, of which BG Group has a 30 per cent interest.
Lying around 275 kilometres off the coast of Sao Paulo, the light oil accumulation was found in a 200-metre reservoir.
The Carioca North East well has a water depth of 2,515 metres and lies around nine kilometres north-east of the original Carioca well.
Drilling in this location is now finished but drill stem tests are yet to be completed.
BG Group's headquarters are located in the UK, but the company operates in over 25 countries across five continents.
The firm recently made a $10 billion (£6.28 billion) investment in Brazil to purchase 13 offshore platforms in the Lula oilfields over the next ten years, head of the firm's Brazilian unit Nelson Silva told Valor Economica.
For anyone wishing to invest in the full potential of Brazil, Property Bond Brazil has an excellent array of opportunities for investment in Brazil. 
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