The company said it approved the signature of contracts for the construction of topside modules associated with eight floating production, storage and offloading units for blocks BM-S-9 and BM-S-11 off the Brazilian coast.
Last year, BG Group along with its partners at Petroleo Brasileiro -- Petrobras -- submitted a declaration of commerciality to the Brazilian National Agency of Petroleum, Natural Gas and Biofuels for discoveries in the pre-salt Santos Basin.
Petrobras said there was an estimated 2.1 billion barrels of oil equivalent in the region. An estimated 50 billion barrels of oil lies off the country's coast, a volume that's expected to put the Latin American country on par with some of the world's top oil producers.
"Progress with delivering on the vast potential in our world-class fields offshore Brazil continues apace," BG Group Chief Executive Officer Frank Chapman said in a statement.