Bloomberg News

BG, Petrobras to Expand Brazil’s Guara Oilfield Output in 2013

January 02, 2012

Dec. 30 (Bloomberg) -- BG Group Plc and Petroleo Brasileiro SA plan to expand production at their Guara oilfield off Brazil in 2013 after declaring the deposit commercially viable.

The partners, together with Repsol YPF SA and China Petrochemical Corp., will start the field production phase after their development plan receives approval from the Brazilian authorities, BG said today in a statement. The companies have proposed renaming the field as Sapinhoa.

The deposit is “comprising excellent reservoirs with good quality” light oil, BG said. The partners drilled four wells to appraise the field and produced about 2.8 million barrels of oil equivalent during tests, according to BG’s October presentation.

Petrobras, which filed a declaration at the National Petroleum Agency of Brazil on the field’s viability, yesterday said the Guara area holds an estimated 2.1 billion barrels of recoverable crude reserves. The partners plan to deploy at least two floating production, storage and offloading vessels, or FPSOs, to develop the field, according to BG.

Each FPSO will have the capacity to pump 150,000 barrels of crude and 8 million cubic meters (283 million cubic feet) of natural gas a day, according to Petrobras. The partners expect to recover about 750 million barrels of oil equivalent per unit, according to BG.

--Editors: Tony Barrett

To contact the reporter on this story: Eduard Gismatullin in London at egismatullin@bloomberg.net

To contact the editor responsible for this story: Amanda Jordan at ajordan11@bloomberg.net


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