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BG Group announces first oil from Santos Basin offshore Brazil

Michele Maatouk

LONDON (ShareCast) - (ShareCast News) - BG Group (LSE: BG.L - news) has generated first oil from the Cidade de Itaguaí floating, production, storage and offloading (FPSO) vessel in the Santos Basin, offshore Brazil. The company said this was the sixth unit to start production in that region, adding that it will produce from the Iracema North area of the Lula field in the Petrobras-operated BM-S-11 block.

Anchored 240 km off the coast of Rio de Janeiro, the Cidade de Itaguaí is approximately 2,220 metres above the ocean floor. BG said it would will double the gross oil production capacity to 300,000 barrels per day and 16 million cubic metres of natural gas per day from the area.

The company has a 25% interest in Block BM-S-11, while Petrobras owns 65% and Petrogal Brasil owns 10%.