BG ups estimate of Santos basin giants

BG Group has upgraded gross recoverable resources from the Tupi, Iracema, and Guará discoveries in the Santos basin, offshore Brazil by 2.7 BBboe, to a new total of 10.8 Bboe.

Offshore staff
READING, UK --BG Group has upgraded gross recoverable resources from the Tupi, Iracema, and Guará discoveries in the Santos basin, offshore Brazil by 2.7 BBboe, to a new total of 10.8 Bboe.
The company based this on the development of new, more sophisticated reservoir models that assimilate and interpret large amounts of data. Much of these are new and compiled over the past year, and include:
  • 3,200 sq km (1,235 sq mi) of 3D seismic
  • Results from nine completed wells (including the original discovery wells on Tupi and Guará)
  • 10 drillstem tests
  • Insights gained from the ongoing extended well test on Tupi, which has to date produced 7.6 MMboe.
BG Group engaged consultants Miller and Lents (MLL) to independently verify the estimates, providing MLL with full access to its data and development models for these fields.
Additionally, BG Group has issued guidance on its P90*** and P10*** gross resource estimates for each field, which are summarized below.
Gross resources
Bboe
Previous indicative resources range
Previous indicative resources mid-point
New MLL certified best estimate resources
New
BG Group best estimate resources
New
BG Group P90*** resources
New
BG Group P10*** resources
Tupi
5.00 – 8.00
6.50
7.88
7.34
5.50
9.51
Iracema
Incl in Tupi
Incl in Tupi
1.26
1.65
1.33
1.69
Tupi + Iracema
5.00 – 8.00
6.50
9.14
8.99
6.83
11.20
Guará
1.10 – 2.00
1.55
1.62
1.76
1.51
2.01
Total
6.10 – 10.00
8.05
10.76
10.75
8.34
13.21

The company believes that around 94% of gross resources on Tupi and Iracema and 90% of gross resources on Guará are recoverable during the concession periods for those fields.
Development planning and implementation highlights to date include:
  • The first permanent FPSO is now on station on Tupi and started production last month
  • Two further FPSOs have been ordered for deployment on Tupi and Guará
  • Negotiations are under way for deployment of further production modules for Tupi, Iracema, and Guará; and
  • The gas export pipeline to Mexilhao is complete.
11/02/2010
More in Production
Umm Lulu gas treatment platform.
Global E&P