BG makes 'material discovery' off Brazil

BG Group has made a "material" discovery in the Santos Basin off the coast of Brazil, an area that could be one of the world's next big oil and gas-producing regions. The company said the Iara exploration well on the BM-S-11 concession area had discovered light crude oil, the third well on the concession to produce a positive result. The BM-S-11 concession is 65 per cent-owned by Petrobras, Brazil's state-owned oil company, while BG owns a 25 per cent stake and Galp Energia of Portugal owns 10 per cent. You have viewed your allowance of free articles. If you wish to view more, click the... [read full story]