facebook
twitter
rss
account
search
search
 

BG Group lands major FSPO deal in Brazil

July 20, 2012 at 7:51 AM   |   Comments

LONDON, July 20 (UPI) -- British energy company BG Group approved of contracts worth $4.5 billion for construction proposals for offshore storage units in Brazil's Santos Basin.

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.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
GM recalls 221,000 Cadillacs and Impalas GM recalls 221,000 Cadillacs and Impalas
2
Slovakia sees Russian gas volumes drop Slovakia sees Russian gas volumes drop
3
Greenpeace puts more pressure on LEGO Greenpeace puts more pressure on LEGO
4
Iran could retool pipeline for Pakistan Iran could retool pipeline for Pakistan
5
Ground broken on Azeri gas pipeline for Europe Ground broken on Azeri gas pipeline for Europe
Trending News
Video
x
Feedback