Partners to negotiate unitization of Iara area fields offshore Brazil

Offshore staff

READING, UK -- BG Group (LSE: BG.L) says partner Petrobras has submitted Declarations of Commerciality (DoCs) to ANP for three separate oil and gas accumulations in the Iara area in the presalt Santos basin offshore Brazil. The partners have suggested renaming the fields Berbigão, Sururu, and Atapú West.

Iara is in the BM-S-11 block, 250 km (155 mi) from the coast of Rio de Janeiro, in water depths of around 2,270 m (7,447 ft). All three fields reportedly contain good quality oil, in the range 24-30° API.

The DoC submission follows an exploration and appraisal program which started in 2008 and involved acquiring 3D seismic, drilling seven wells, and an extended well test.

All three accumulations extend outside the BM-S-11 Iara concession area into the Entorno de Iara Transfer of Rights area, operated 100% by Petrobras, and will therefore be subject to unitization agreements. Unitization will be required of the Entorno de Iara area with Berbigão to the north and south, Sururu to the north and south, and with Atapú West to the east.

Normally a development plan should be submitted within 180 days of the DoC. However, ANP may amend the deadline until negotiations have been completed.

BG says the initial development of the unitized accumulations will likely call fort three FPSOs, in addition to the 10 production units currently planned for the Lula and Iracema areas.

Petrogal is the other partner in the BM-S-11 concession.

12/30/2014

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