BG Group (LON:BG.) released an announcement today saying that together with its partners, Petrobas and GALP, it has successfully completed drilling a Tupi field appraisal well, offshore Brazil. BG have a 25% interest in the Tupi prospect, Petrobas has 65% and is the operator and finally GALP has 10%.
The natural gas company, with operations over 5 continents in four key business sectors: Exploration and Production, Liquefied Natural Gas, Transmission and Distribution, Power, confirmed today that it had completed drilling at the step-out appraisal well. This well was drilled as a way of testing the outer limits of the expected reservoir at the Tupi field, the report said. The recovered hydrocarbons from this well, together with others previously drilled, are estimated at 5 to 8 billion barrels of light oil and natural gas.
Going forward, BG Group and its partners will continue with the activities and investments foreseen in the Evaluation Plan approved by the Brazilian National Petroleum Agency (ANP), including the drilling of further wells in the area. Oil and gas production from the first module of the Tupi development is expected by the end of 2010.
"BG have a 2% interest in the Tupi prospect, Petrobas has 65% and is the operator and finally GALP has 10%. "
Err, BG have a little more than that of the 5-8 billion barrels, at 25%.
.gif)
