BG Group strikes oil in Brazil

Shares in BG Group rose nearly four per cent yesterday after the explorer announced a discovery of light oil in Carioca area, offshore Brazil, with Evolution Securities upbeat on hopes of future production upgrades. “The key here is that this is yet another discovery along with recent major success offshore Tanzania (multi-TCF gas discoveries) that should increase confidence in BG's ability to deliver its six to eight per cent per annum production growth to 2020,” Evolution Securities said in a note.