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BG to pump $30 billion into Brazil offshore oil by 2025

  • British energy company BG plans to spend at least $30 billion into oil and natural gas output in Brazil by 2025.

    The investment is expected to provide the group wth nearly a third of its future global output.

    The investment estimate will fund BG's share of Brazilian oil ventures with Brazil's state-led Petrobras, Spain's Repsol and two Portuguese companies, Galp Energia and Partex Oil and Gas.

    BG expects to own 600,000 barrels of oil and natural gas equivalent output per day in Brazil by 2020.

    Most of Brazil's oil is expected to come from deep-water oil fields off the coast near Rio de Janeiro and Sao Paulo.

    The areas in the Campos Basin and Santos Basins are estimated to contain as much as 100 billion barrels of oil.