BG Group discovery in Santos Basin, offshore Brazil
Posted: 13 June 2008
BG Group today reported an oil discovery in the Santos Basin, offshore Brazil.
The exploration well, known as Guara, discovered oil within the BM-S-9 concession area. This is the second discovery within the BM-S-9 concession area where BG Group holds a 30 per cent interest along with operator Petrobras (45 per cent) and Repsol YPF Brasil S.A. (25 per cent). The first discovery, known as Carioca, was announced on 6th September 2007.
The Guara exploration well is BG Group's fifth consecutive drilling success in the deep water Santos Basin since the Group began its drilling programme in 2005.
"This new discovery extends the very significant potential of this world class hydrocarbon province," said Frank Chapman, BG Group Chief Executive.
"Together with our partners, we will now continue to advance our evaluation and development programme, targeting initial production from the pre-salt Santos Basin during 2009."
BG Group has been present in offshore Brazil since 2000 and has interests in seven concessions in the Santos Basin covering a total area of approximately 7 450 square kilometres.
The discovery is located in 2 141 metres of water approximately 310 kilometres off the coast of Sao Paulo state.
On completion of the well, the partners will undertake further assessment to define the dimensions and characteristics of the reservoir prior to submitting an Evaluation Plan to the National Petroleum Agency.
Posted by Richard Price, Editor, EnergyME.com
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