BG Group announces discovery in Santos Basin offshore Brazil

abarrelfullabarrelfull wrote on 17 May 2012 11:40

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4 October 2006

BG Group today announced the discovery of an oil field in the Santos Basin, offshore Brazil. The discovery, known as Tupi, lies in Block BM-S-11, where BG Group holds a 25 per cent interest in the discovery along with operator Petrobras (65 per cent) and Petrogal (10 per cent).

The Tupi well flowed 4900 barrels per day of sweet 30 API crude oil and 4.3mmscf per day of gas from a deep pre-salt reservoir on a 5/8th inch choke. Tupi is a large structure with significant reserves potential requiring further appraisal drilling and evaluation. The discovery has led to BG and Petrobras agreeing to an acceleration of their exploration and appraisal programme.

BG Group Chief Executive Officer, Frank Chapman said:
"This is a very important discovery which follows on from the discovery earlier this year of oil with the Parati well some 70 km distant in Block BM-S-10. I am delighted to report that BG has built a material exposure to this new hydrocarbon province. BG has equity interests ranging from 25-60% in 7 blocks in the Santos basin containing numerous prospects. BG is strongly aligned with Petrobras in seeking to advance work on this new play."

Block BM-S-11 lies 250 kilometers off the south coast of Rio de Janeiro. The Tupi well is located in water depth of 2126 metres. In addition to Block BM-S-11, BG Group has interests in further six blocks in the Santos Basin - BM-S-9, 10, 13, 47, 50 and 52 - covering a total area of 8130 square kilometres.

Notes to Editors:

BG Group plc is a global natural gas business. Active on five continents in over 25 countries, it operates four business segments - Exploration and Production, LNG, Transmission and Distribution and Power.

BG has non-operated interests in three blocks in the deep water Santos Basin:
BM-S-9, 10 and 11.

In 2004 BG acquired a 100% operated interest in block BM-S-13 in the shallow water Santos Basin.

In 2005 BG was awarded three further concessions in the offshore Santos Basin (BM-S-47, 50 and 52) as well as one onshore concession (BT-SF-2) in the Sao Francisco Basin in Minas Gerais State.

BG has a controlling stake (60.1%) in Brazil's largest gas distribution company, Comgas.

BG also has an equity position (7.65%) in the Bolivia-Brazil Pipeline (BBP).

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