BG Group (30%) and
partners Petrobras (45%, operator) and Repsol (25%) have today announced
that the Guara discovery in the Santos Basin pre-salt, offshore Brazil is
now estimated to contain recoverable volumes of 1.1 to 2.0 billion
barrels of oil equivalent. During its drill stem test, Guara flowed at 7
200 barrels of oil equivalent per day (boepd). These flow rates were
facilities-constrained, and test data indicates that a permanent
production well would be capable of producing initial rates of up to 50
000 boepd, providing further evidence of the robust economics of this
pre-salt play.
BG Group and partners
have agreed a schedule which will prioritise the installation of
production facilities on Guara. The development will use a 120 000
barrels per day Floating Production, Storage and Offloading vessel
(FPSO), targeting first production from 2012. This will follow the 100
000 barrels per day first phase of the Tupi field, due onstream at the
end of 2010 (BG Group 25%, operator Petrobras 65%, Galp 10%).
BG Group Chief
Executive Frank Chapman said: "The well test results on Guara were
excellent and underscore again the outstanding potential in BG Group's
extensive position in the world-class Santos Basin."
"Partners are
fully aligned on continuing work to accelerate the full appraisal and
development of these resources, with activities ongoing and planned at
Tupi, Abare-West, Corcovado, Iracema, Iara, Carioca and Parati. It is
clear that the Santos Basin pre-salt will make a very material
contribution to the production and cash flow of BG Group for many years
to come."
-ends-
Guara (1-SPS-55 or
1-BRSA-594) is in a water depth of 2 141 metres and is located in the
appraisal area of the BM-S-9 concession block, approximately 310 km
offshore from Rio de Janeiro and 55 km southwest of the Tupi well
(1-RJS-628 or 1-BRSA-369). BG Group holds a 30% interest in Guara
(BM-S-9). Petrobras are operator with 45% and Repsol hold 25%. The Guara
discovery was initially announced on June 13th, 2008.
BG Group plc (LSE:
BG.L) is a world leader in natural gas, with a strategy focused on
connecting competitively-priced resources to specific, high-value
markets. Active in 27 countries on five continents, BG Group has a broad
portfolio of exploration and production, Liquefied Natural Gas (LNG),
transmission and distribution and power generation business interests. It
combines a deep understanding of gas markets with a proven track record
in finding and commercialising reserves. For further information visit: www.bg-group.com
For further details
on the original announcement of the Guara discovery, see:
http://www.bg-group.com/MediaCentre/PressArchive/2008/Pages/13June2008.aspx
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Contact
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There are matters
discussed in this media information that are forward looking statements. Such
statements are only predictions and actual events or results may differ
materially. For a discussion of important factors which could cause
actual results to differ from the forward looking statements, refer to BG
Group's annual report and accounts for the year ended 31 December 2008. BG
Group does not undertake any obligation to update publicly, or revise,
forward looking statements, whether as a result of new information,
future events or otherwise, except to the extent legally required.
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