BG Group Boosts Reserves to 2.7Bboe in Santos Basin

BG Group has upgraded gross resources for the Tupi, Iracema and Guara fields by 2.7 billion barrels of oil equivalent, bringing the total to 10.8 billion boe, representing a 34% increase.

The company’s analysis is based on the development of new and sophisticated reservoir models that incorporated new information, including 790,737 acres (3,200 square kilometers) of 3D seismic data; results from nine completed wells (including the 2 original discovery wells on Tupi and Guara); 10 drill stem tests; and the detailed insights gained from the extended well test on Tupi, which has produced 7.6 MMboe to date.

BG Group engaged consultants Miller and Lents (MLL) to provide independent verification of the estimates of the fields and have certified the gross resources to be 10.8 billion boe.

All three fields are progressing with development, including the first permanent FPSO is now on the Tupi field and commenced production in October 2010; two additional FPSO’s were ordered, and will be deployed on the Tupi and Guara fields; negotiations are progressing on the deployment of additional production modules for Tupi, Iracema and Guara; and the gas export pipeline to Mexilhao was completed. The fields are located in the Santos Basin offshore Brazil.

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