| CATEGORY: NEWS AND ANNOUNCEMENTS SECTOR: OIL & GAS PRODUCERS |
BG finds oil at new well in Brazil |
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Fri 13 Nov 2009
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LONDON (SHARECAST) - Oil giant BG has confirmed the appearance of hydrocarbons at a new well in the Santos Basin, offshore Brazil, called Tupi North-East on block BM-S-11.
Tupi North-East is located about 265 km from Rio de Janeiro and 18 km to the north-east of the Tupi discovery well.
BG has a 25% interest in the well, with Brazil's state-owned oil company Petrobas the operator and owner of 65%. Galp has 10%.
“This is a further successful appraisal well which reinforces the partners' estimates that the Tupi accumulation holds 5 - 8 billion barrels oil equivalent of recoverable reserves,” said the UK firm.
Drilling on Tupi North-East is now finished and drill stem tests to evaluate reservoir productivity will be conducted over the next few weeks.
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