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.