Daniel Lacalle

Brazil continues to surprise: BG doubles its resource base

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BG has upgraded its reserves and resources for Brazil from a range of 3 to 6bn boe to maximum of 8bn boe. The mean estimate for discovered resources is now 5.8bn boe (excluding risked exploration), which compares to previous estimates of 4.5bn boe.  The group increased the previous estimate of 3 billion barrels after analyzing data from 29 wells, 19 drill stems and 14,400 square kilometers (5,500 square miles) of 3D seismic data, according to the press release.

The company is not at this stage moving estimated production from Brazil (of 550 kboed by 2015), but this is likely to be reviewed by year end.

Total reserves and resources now stand at a mid case of 5.8bn boe (4-8bnboe, P90-P10) up from an estimate of 3bnboe the last time the company disclosed a total resource estimate in February 2010.

The reserves and resources have been driven by a number of factors including better technical data from the EWTs (better reservoir properties), enhanced recovery rates and incorporating recent discoveries (Macunaíma). BG are indicating an upside potential of 8bn boe.

Assuming an average of US$5/boe for Brazil barrels, the increase of 1.25bn boe would be an incremental US$6bn, according to Citigroup, whose previous estimate on resources of 4.5bn boe was split as follows:

Lula 1.8bn
Iracema 0.4bn
Guara 0.5bn
Lara 1bn
Other discoveries 0.7bn

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