Hi allWe haven't heard anything about what the management team...

Hi all

We haven't heard anything about what the management team has planned for us after Reconcavo. So wondering if we will maybe look off shore since 430 looks like a success and 330 was a success we should be easily able to afford some off shore drilling.
I have a google alert that goes to straight my email with any news relating to oil in Brazil and everyday i get hit with press releases like the one below.
Anyway i guess we will hear at the AGM what they have install for next year

Cheers





LONDON (Reuters) - BG Group Plc 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 British 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 (PETR4.SA: Quote, Profile, Research, Stock Buzz) (PBR.N: Quote, Profile, Research, Stock Buzz) has a 65 percent interest in the concession area where Iara lies. BG (BG.L: Quote, Profile, Research, Stock Buzz) has a 25 percent stake and Galp Energia (GALP.LS: Quote, Profile, Research, Stock Buzz), a 10 percent stake.

Last November, Petrobras announced a recoverable reserve estimate for Tupi, the first well in the BM-S-11 area where Iara lies, of 5-8 billion barrels of oil equivalent which if confirmed, would make it the world's biggest deepwater find.

"We are delighted to report another material discovery with Iara," Chief Executive Frank Chapman said in the statement.

"The exceptional sequence and scale of our drilling success in this area reflects the world class status of the pre-salt Santos Basin, to which BG Group has substantial exposure."

Guilherme Estrella, head of exploration and production at Petrobras, said last month he expected that subsalt oil finds in the offshore Santos Basin are interconnected, and companies involved in various separate subsalt oil finds would have to work together.