08-Aug-2008
Story Timeline: 61 days
LONDON (Reuters) - BG Group has made a "material" new oil discovery at its Iara well in Brazil's subsalt reserves, its sixth-straight success in the deep water Santos Basin since drilling began, the gas producer said on Friday. BG shares were indicated up about 4 percent. Geologists say Brazil's subsalt reserves, which span an area from the Santos Basin in the south to the Campos and Espirito Santos basins up the coast, could exceed 70 billion barrels -- more than OPEC members such as Libya. Brazil's Petrobras...
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