Leading player in the global energy market, BG Group, has raised the potential of the Santos Basin site to 8 billion barrels of oil equivalent.
BG Group has issued a material upgrade for its interests in the Santos Basin, off the coast of Brazil. Mean Total Reserves and Resources are estimated to amount to 6 billion barrels of oil equivalent, with an upside potential of 8 billion boe net.
In February of last year, the mean total reserves and resources were estimated at 3 billion boe, making double what the group had previously estimated.
BG Group Chief Executive Sir Frank Chapman said: “The doubling of our estimated Santos Basin mean reserves and resources is clearly significant and demonstrates the continued rapid evolution of our understanding of these enormous discoveries.
“Robust economics and solid progress with the fast-track development programme will see gross installed production capacity rising steadily to reach more than 2.3 million boe per day by 2017.”
BG Group is a business with operations inmore than 25countries, over five continents.