BG Group announces material new discovery in Santos Basin, offshore Brazil
BG Group today announced a material new oil discovery in the pre-salt Santos Basin, offshore Brazil. The exploration well, known as Iara, discovered 30 degrees API light crude oil within the BM-S-11 concession area.
Iara is a new discovery and is the third well to encounter hydrocarbons within the BM-S-11 concession area in which BG Group holds a 25 per cent interest together with operator Petrobras (65 per cent) and Galp Energia (10 per cent). BG Group announced that it had encountered hydrocarbons in the first well, Tupi, on 4 October 2006 and the second well, Tupi Sul, on 21 September 2007:
* 4 October 2006 : BG Group announces discovery in Santos Basin
* 21 September 2007 : BG Group confirms fourth consecutive well
success in Santos Basin offshore Brazil
The Iara well lies approximately 230 kilometres offshore the coast of Rio de Janeiro at a water depth of 2 230 metres. The well is still being drilled to evaluate deeper targets.
The Iara discovery is the sixth consecutive drilling success in the deep water pre-salt Santos Basin since BG Group and its partners began their 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: “We are delighted to report another material discovery with Iara. The exceptional sequence and scale of our drilling success in this area reflects the world class status of the pre-salt Santos Basin, to which BG Group has substantial exposure through our extensive licence interests.”
On completion of the well, the partners will further define the dimensions and characteristics of the reservoir through the submission of an Evaluation Plan to the National Petroleum Agency (ANP).
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