Iara is a new discovery and is the third well to encounter hydrocarbons within the BM-S-11 concession area in which BG Group holds a 25% interest together with operator Petrobras, which has a 65% stake, and Galp Energia with a 10% interest.
The Iara well lies approximately 230km offshore the coast of Rio de Janeiro, Brazil, at a water depth of 2,230m. The well is still being drilled to evaluate deeper targets. The Iara discovery is the sixth consecutive drilling success in the deep water pre-salt Santos Basin since the BG Group and its partners began their drilling program in 2005.
Frank Chapman, BG Group CEO, said: We are delighted to report another material discovery with Iara. 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 through our extensive license interests.
