BG doubles Brazilian reserves estimate

BG Group has doubled the reserves estimates for its pre-salt Santos basin holdings offshore Brazil.

Offshore staff

READING, UK – BG Group has doubled the reserves estimates for its pre-salt Santos basin holdings offshore Brazil. BG now says its mean total reserves and resources are 6 Bbbl of oil net, with an upside potential of 8 Bbbl.

The new figure is based on an internal analysis by BG of probabilistic modeling of those Santos basin interests. BG incorporated drilling, appraisal, test, and seismic information. It has drilled 29 wells in the existing discoveries and shot and analyzed 14,400 sq km (5,560 sq mi) of 3D seismic data, among other things.

“Robust economics and solid progress with the fasttrack development program will see gross installed production capacity rising steadily to reach more than 2.3 MMboe/d by 2017,” said Sir Frank Chapman, BG Group CEO.

06/30/2011

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