BG Group strikes oil in Brazil

first_img KCS-content Thursday 16 December 2010 7:46 pm whatsapp BRITISH oil and gas firm BG Group said yesterday it found oil to the west of the Tupi discovery off the coast of Brazil, giving it further confidence in its recently upgraded resource estimates for its Brazilian oil fields.BG said yesterday that initial results from the well, drilled 11 kilometres from the first Tupi well near the Rio De Janeiro state coast, were encouraging enough to prompt BG and its partners to consider allocating another Floating Production, Storage and Offloading (FPSO) vessel to Tupi.Tupi, in which BG has a 25 per cent stake, is the world’s second largest oil discovery of the last decade and so far has one FPSO, which started production in October, and another one due to begin in 2013. BG in November lifted estimates for total recoverable resources from Tupi and two other fields in Brazil by 34 per cent, raising its net resources from offshore Brazil to 2.8bn barrels of oil equivalent.“The information obtained from this well adds further certainty to our recoverable reserve and resource estimates for the Tupi field,” the company said in a statement.Further tests would now be carried out on the well, BG said, adding that it had found light oil in a 90 metre zone. The news follows a similar large find off the coast of China, which BG announced on Wednesday. The company found oil-bearing sands in the South China Sea, which will now be tested for viable hydrocarbons alongside a second well in the region. Shares in BG, which have risen 20 per cent in the last three months, closed 0.5 per cent higher at 1,307p yesterday. BG Group strikes oil in Brazil Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proofcenter_img Show Comments ▼ whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeBeach RaiderMom Belly Keeps Growing, Doctor Sees Scan And Calls CopsBeach Raidermoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’Definition Share Tags: NULLlast_img

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