BG Group and Petrobras find fuel in Brazil

UK OIL explorer BG Group and Brazilian state-owned firm Petrobras announced a successful oil find off the coast of Rio de Janeiro state, the companies said yesterday.

BG, which holds a 25 per cent stake in the oil field, and Petrobras, with a 65 per cent holding, said they will now start evaluting the size and quality of the find in the Santos basin.

This latest find could push up total oil estimates for BG’s stake in the basin, which already stands at more than 10.8bn barrels of oil equivalent.

BG Group shares ended the day 1.9 per cent higher at 1,499.91p yesterday.