BG Group announces further discovery in Santos Basin offshore Brazil

BG Group today announced the discovery of a new oil field in the Santos Basin, offshore Brazil. The discovery, known as Carioca, is within the BM-S-9 concession, 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 Carioca oil field is located in 2 140 metres of water approximately 273 kilometres off the south coast of Rio de Janeiro. It is close to the Tupi discovery in Block BM-S-11 (BG Group 25%) which was announced in October 2006.

The exploration well flowed at a rate of approximately 2 900 barrels of 27 degrees API oil and 57 thousand cubic meters of gas per day. The rate was constrained by test equipment.

BG Group Chief Executive, Frank Chapman said:
"This is another significant discovery offshore Brazil, and builds on the Tupi discovery last year which is located 70kilometres to the east in the BM-S-11 concession.

"This is BG's third consecutive exploration well to discover hydrocarbons in the new Santos basin pre-salt play, and this exceptional sequence enhances our confidence in the material exposure that BG has to this highly prospective area."

In addition to Block BM-S-9, BG Group has interests in a further six concessions in the Santos Basin - BM-S-10, 11, 13, 47, 50 and 52 - covering a total area of 8 130 square kilometres.

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