BG Group reaches Bolivian milestone

May 2, 2012 at 6:56 AM

READING, England, May 2 (UPI) -- The first phase of development from a natural gas field in Bolivia is adding to the net production in the region for BG Group, the company said.

BP Group announced the first phase of the Margarita natural gas field is in production.

"Margarita Phase I, delivered safely and to plan, will give BG Group additional net production of some 17,000 barrels of oil equivalent per day, taking total net production from Margarita to over 25,000 boepd," BG Group Chief Executive Frank Chapman said in a statement.

Full capacity from Phase I is expected this quarter. The project involved building roughly 48 miles of new pipeline, wells and gas processing facilities. Phase II, a similar development, was sanctioned last year. By the end of 2014, the company said, net production from the Margarita field should reach around 42,000 boepd.

Chapman said the Bolivian field, along with production projects in Egypt, Norway and Thailand, should contribute to plans to deliver an annual growth rate of at least 6 percent through 2020.

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