LONDON, Nov. 14 (UPI) -- Though more work is needed to determine the full potential of Brazilian oil reserves, BG Group said it could reach a production level of 28,000 barrels per day.
In June, BG Group said its analysis of drilling, appraisal and other data suggested there could be 8 billion barrels of oil equivalent off the Brazilian coast, double its previous estimate announced in February 2010.
The company said Monday that well testing at a concession in the Santos Basin off the Brazilian coast could reach 28,000 bpd, exceeding initial well expectations.
BG Group said it extended the terms of its Brazilian exploration plans in order to do more appraisal work on the area. Five wells were drilled in the region, which yielded "good quality" medium crude oil.
The company in April announced testing at its Guara Norte well located off the coast of Brazil recovered light oil. Production potential from the well located in the Santos Basin is estimated at around 50,000 barrels of oil equivalent per day.
