The tests proved the exploration potential of the area by producing light 28 degree API oil and confirmed the estimated recoverable volumes for Iara to be in the order of three to four billion barrels of light oil and natural gas.
The well tested is located in water depth of 2230 metres and approximately 230 kilometres from the coast of Rio de Janeiro State. Due to the need to relocate the rig, the test on the well was not fully completed and another well is planned to be drilled in this area in 2010.
The consortia formed by BG Group, Petrobras and Galp will continue with the exploration activities and investment required for the appraisal of the Iara field in accordance with the Evaluation Plan approved by the Brazilian National Petroleum Agency.
BG Group has interests in five concessions in the deep water Santos Basin: BM-S-9, 10, 11 and 50, which are operated by Petrobras; and BM-S-52, which is operated by BG Group. The company also holds an operated interest in the BM-S-47 concession in the shallow water Santos Basin and holds one onshore concession (BT-SF-2) in the Sao Francisco Basin in Minas Gerais State.
