Certified resources upgrade of 2.7 bboe to Tupi, Iracema and Guará fields, offshore Brazil

abarrelfullabarrelfull wrote on 02 Nov 2010 12:24
Tags: bg-group brazil tupi upstream

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BG Group today announced a 2.7 billion barrels of oil equivalent (boe) upgrade to estimates of gross resources for the Tupi, Iracema, and Guará fields in the Santos Basin, offshore Brazil. BG Group’s new aggregate best estimate of economically recoverable gross resources* for these fields amounts to 10.8 billion boe, representing a 34% increase to the 8.1 billion boe mid-point of the Group’s previous indicative resource range.

As a result of the upgrade, BG Group’s aggregate best estimate of its economically recoverable net resources on Tupi, Iracema and Guará now stands at 2.8 billion boe.

BG Group’s latest analysis is based on the development by the Group of new and significantly more sophisticated reservoir models which have assimilated and interpreted substantial amounts of information (much of it new and gathered over the last year) including:

  • 3 200 square kilometres of 3D seismic data;
  • results from 9 completed wells (including the 2 original discovery wells on Tupi and Guará);
  • 10 drill stem tests; and the detailed insights gained from the extended well test on Tupi, which has produced 7.6 million boe to date.

BG Group engaged the oil and gas consulting firm Miller and Lents, Ltd (MLL) to provide expert independent verification of the estimates of resources on Tupi, Iracema and Guará. MLL were provided with full access to BG Group’s data and development models for these fields and have certified their best estimate** for gross resources for these fields to be 10.8 billion boe in aggregate.

Additionally, BG Group has provided guidance today on its P90* and P10* gross resource estimates for Tupi, Iracema and Guará. BG Group’s gross resource estimates by field and the certified gross estimates from MLL are summarised in the table below.

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