BG Group reported Monday that first oil has been achieved from the Cidade de Itaguai floating production, storage and offloading (FPSO) vessel in the Santos Basin, offshore Brazil.
The FPSO is the sixth such unit to start production across BG's significant discoveries in the Santos Basin. It will produce from the Iracema North area of the Lula field in the Petrobras-operated BM-S-11 block.
Anchored some 145 miles from Rio de Janeiro, the Cidade de Itaguai is positioned approximately 7,280 feet above the ocean floor. BG said that the Cidade de Itaguai is the second leased FPSO vessel deployed on the Iracema development and will double the gross production capacity to 300,000 barrels of oil per day and 565 million cubic feet of natural gas per day from the area. It will also be capable of storing up to 1.6 million barrels of oil.
BG Group has a 25-percent interest in the BM-S-11 block. Petrobras holds a 65-percent stake.
BG Group is currently in the process of being taken over by Royal Dutch Shell.
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