BG Group Announces Commerciality For Iara Area, Offshore Brazil - Quick Facts

(RTTNews) - BG Group (BG.L, BRGYY.PK) announced that its partner Petróleo Brasileiro S.A. (Petrobras), as the operator of block BM-S-11 in the pre-salt Santos Basin, has submitted the Declarations of Commerciality (DoC) to the Brazilian National Agency of Petroleum, Natural Gas and Biofuels for three separate oil and gas accumulations in the Iara area, offshore Brazil. All fields contain good quality oil, of approximately 24 to 30 degrees API.

BG Group has a 25% interest in the BM-S-11 concession, offshore Brazil (Petrobras, operator 65%, Petrogal 10%). The three accumulations extend outside the BM-S-11 Iara concession area and into the Entorno de Iara Transfer of Rights area which is 100% operated by Petrobras and will therefore be subject to unitisation agreements.