READING, England, April 8 (UPI) -- British energy company BG Group and its partners announced Thursday success at an appraisal well in Brazil that tested the potential of the offshore Tupi field.
BP Group and its partners at Brazil's Petrobras, the operator and major shareholder, and Portugal's GALP finished drilling an appraisal well at the BM-S-11 license in the offshore Santos Basin in Brazil.
The appraisal well confirmed the presence of hydrocarbons, BG said.
Results from the appraisal well and other programs at Tupi confirm estimated recoverable reserves top 5 billion barrels of light crude oil and natural gas.
The company said evaluation of the well data was "ongoing" and options to develop the field continue to "move ahead rapidly."
The well is located in 6,900 feet of water more than 160 miles off the Rio de Janeiro coast.
Production at the Tupi development is expected by the end of the year.
