23 Feb 2010 - by PreSalt.com - Source: BG Group and PreSalt.com
BG Group (LON:BG, OTC:BRGYY, PINK:BRGYY, PINK:BRGXF) Chief Executive Frank Chapman said: “BG Group is entering a new decade of high growth, underpinned by a strengthened and rebalanced portfolio, with key projects being significantly and rapidly de-risked and with the reserves and resources required for our growth programme already secured.”
“Our aim is to achieve rates of growth which are a multiple of the industry average, extending our track record of shareholder value creation deep into the future.”
Key points from the annual strategy of BG Group in Brazilian Pre-Salt (Subsalt):
Brazil: production is already underway, with net reserves and resources of more than 3 billion boe. Production is expected to ramp up strongly in the first half of the decade to reach more than 400 000 boed net to BG Group by 2020.
2009 appraisal and commercialisation programme substantially advanced the Group’s understanding of the Santos Basin pre-salt, with technology tested and excellent reservoir characteristics observed across a number of locations. New information supports previous assessments and forward development plans, including reserves and resources estimates of more than 3 billion boe net, anticipated net production of more than 400 000 boed by 2020 and BG Group’s view that its Santos Basin pre-salt developments achieve economic break-even at oil prices below $40/bbl.
Extended Well Test (EWT) on Tupi Sul, Principal Area of BM-S-11 Block, Operator: Petrobras, Consortium: Petrobras (NYSE: PBR), BG Group (NYSE: BGR) and Portugal's Petrogal, has produced 3.5 mmboe gross to date, with pressure support greater than expected, indicating very good lateral reservoir continuity and quality.
Tupi-Iracema: pilot Floating, Production, Storage and Offloading (FPSO) module more than 65% complete, with capacity of 100 000 barrels oil per day (bopd) and 175 mmscfd of gas. First production expected end 2010. Full field development to require 200-300 wells and up to ten FPSOs.
Guará: Petrobras Operator, gross reserves and resources estimate of 1.1-2.0 billion boe, well ahead of initial estimates. Outstanding test results in 2009, with production potential of 50 000 bopd per well. EWT will begin later this year. Letter of intent signed for construction of 120 000 bopd oil/175 mmscfd gas FPSO, with first production expected early 2013.
Iara: Include Area of BM-S-11 Block, Operator: Petrobras, Consortium: Petrobras (NYSE: PBR), BG Group (NYSE: BGR) and Portugal's Petrogal discovery well re-entered in 2009. New well to be drilled in 2010, DST in 2011, 3D seismic 2010 and 2011, EWT planned for 2013.
Carioca: BM-S-9 Block, Operator: Petrobras (45%), Exploratory Consortium: Petrobras (NYSE: PBR / PBRA)(45% - Operator), BG (LON:BG)(30%), and Repsol YPF Brasil (MCE:REP, NYSE:REP)(25%), further appraisal well planned this year followed by EWT commencing fourth quarter 2010.
Santos Basin gas: joint venture agreement to conduct parallel FEED studies assessing the potential for up to 3.0 mtpa Floating LNG for domestic and export markets.| < Prev | Next > |
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