BG Group and Brazil’s Petrobras submitted declarations of commerciality (DoC) Tuesday for three separate oil and gas accumulations at the Iara area in offshore Brazil.
The companies filed the DoC with the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP).
The three accumulations are located in the Petrobras operated block BM-S-11 in the pre-salt Santos Basin.
As part of the DoC, the consortium has suggested the new fields be designated Berbigão, Sururu and Atapú West.
The Iara area is located abut 155 miles off the coast of Rio de Janeiro, in water depths of around 7,447 feet.
All fields contain “good quality oil” of 24 to 30 degrees AP with total estimated recoverable volumes at the fields exceeding 5 billion barrels of oil equivalent.
The DoC submission follows an exploration and appraisal program that began in 2008 and consisted of acquiring 3D seismic data, drilling seven wells and an extended well test.
The initial development of the accumulations is expected to be based on three FPSOs, adding to the 10 production units currently planned for the Lula and Iracema areas.
Subject to a complementary campaign for data acquisition, additional production units could be contracted by the consortium.
Petrobras holds a 65 percent operating stake in consortium BM-S-11.
BG E&P Brasil holds a 25 percent stake and Portugal-based Petrogal holds a 10 percent stake.