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Brazil oil output to match North Sea peak - interview

21st September 2012

BG executive says Brazilian oil output to match the North Sea’s 6.4 million barrels per day peak in 2000

Brazil oil output to match North Sea peak - interview
BG expects its production from four subsalt deepwater blocks offshore Brazil to reach 600,000 barrels of crude oil per day by 2020

BG Group PLC expects output from Brazilian oil fields to match that of the North Sea at its peak and account for one-third of BG’s global output by 2020, BG Brasil president Nelson Silva told Dow Jones on Thursday.

“We see our blocks together with Petrobras and other partners producing as much as the peak production, or equivalent amount of oil [in barrels of oil equivalent], as the peak production of the North Sea [6.4 million barrels per day in 2000],” Silva said.

BG expects its production from four subsalt deepwater blocks offshore Brazil operated by Petrobras to reach 600,000 barrels of crude oil per day by 2020, from 30,000 barrels currently, Silva added.

The president also claimed that the country will be the most important one in BG’s operations by the end of the decade, as the company mounts a multibillion dollar investment which will, if implemented, make it the biggest foreign investor in Brazil. 

The government's recent decision to proceed with auctions of new oil-exploration licenses, including promising blocks in the new frontier of the pre-salt, in 2013 could lead to more discoveries, Silva added.

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