BG Group has secured approval for $1.8 billion (£1.13bn) from the Brazilian Development Bank to fund the company’s interests in the Santos Basin, off the coast of Brazil. Subject to the completion of a final agreement, the funding will be used to build eight floating production, storage and offload facilities.
BG Group Chief Financial Officer Fabio Barbosa said: “The funds will help underpin BG Group’s investments for the successful development of our world-class pre-salt Santos Basin interests. It also represents the support of one of the key players in the Brazilian government to our partnership with Petrobras and the country.”
The investment aims to accelerate the development of the project which hopes to deliver 2.3 million barrels of oil equivalent per day by 2017.