Brazil Property News: Brazilian oil discovery




7th September 2007 03:39


A new oil field has been discovered off the Brazilian coast.

The BG Group find is 273 km off the south coast of Rio de Janeiro and is set to give an extra boost to the Brazilian economy and increase investment in the country.

BG Group chief executive Frank Chapman said: "This is another significant discovery offshore Brazil, and builds on the Tupi discovery last year which is located 70 kilometres to the east in the BM-S-11 concession.

"This is BG's third consecutive exploration well to discover hydrocarbons in the new Santos basin pre-salt play, and this exceptional sequence enhances our confidence in the material exposure that BG has to this highly prospective area."

Although Brazil may not be becoming the next Saudi Arabia, the increased oil revenue and associated investment is expected to aid the growing Brazilian and demand for property investment.


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