BG negotiates funding for Brazil pre-salt oil production projects

Offshore staff

READING, UK -- BG Group has initial approval from the Brazilian Development Bank (BNDES) for up to $1.8 billion of long-term finance for the company’s interests in presalt Santos basin.

Subject to completion of a final agreement, the funding facility will be allocated to BG Group’s share of local procurement and construction costs for the eight FPSOs and its Santos basin partners.

The 150,000 b/d vessels will be used for a first-phase development program designed to deliver 2.3 MMboe/d of capacity by 2017.

By 2Q 2012, BG Group expects to agree terms with BNDES on finance for a 14-year term.



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