13th Jun 2008 07:00
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News Release |
13 June 2008
BG Group announces further success in Santos Basin, offshore Brazil
BG Group today announced another new 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:
http://www.bg-group.com/MediaCentre/PressArchive/2007/Pages/090507-sx.aspx
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. 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.
BG Group Chief Executive, Frank Chapman said: "This new discovery extends the very significant potential of this world class hydrocarbon province. 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."
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 (ANP).
There are matters discussed in this media information that are forward looking statements. Such statements are only predictions and actual events or results may differ materially. For a discussion of important factors which could cause actual results to differ from the forward looking statements, refer to the Company's annual report and accounts for the year ended 31 December 2007. The Company does not undertake any obligation to update publicly, or revise, forward looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required.
Notes to Editors:
BG Group plc (LSE: BG.L) is a world leader in natural gas, with a strategy focused on connecting competitively-priced resources to specific, high-value markets. Active in 27 countries on five continents, BG Group has a broad portfolio of exploration and production, Liquefied Natural Gas (LNG), transmission and distribution and power generation business interests. It combines a deep understanding of gas markets with a proven track record in finding and commercialising reserves.
BG has interests in five concessions in the deep water Santos Basin: BM-S-9, 10, 11, 50, operated by Petrobras. BG operates block BM-S-52.
BG holds operated interests in the BM-S-13 and 47 concessions in the shallow water Santos Basin.
BG also holds 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.
Enquiries:
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Website: www.bg-group.com
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