BG negotiates funding for Brazil pre-salt oil production projects
March 1, 2012
BG Group has initial approval from the Brazilian Development Bank (BNDES) for up to $1.8 billion of long-term finance for the company’s interests in presalt Santos basin.
Offshore staff
READING, UK -- BG Group has initial approval from the Brazilian Development Bank (BNDES) for up to $1.8 billion of long-term finance for the company’s interests in presalt Santos basin.
Subject to completion of a final agreement, the funding facility will be allocated to BG Group’s share of local procurement and construction costs for theeight FPSOs and its Santos basin partners.
The 150,000 b/d vessels will be used for a first-phasedevelopment program designed to deliver 2.3 MMboe/d of capacity by 2017.
By 2Q 2012, BG Group expects to agree terms with BNDES on finance for a 14-year term.
