BG Group to Participate in Brazil Oil Block Bidding Rounds
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BG Group Plc, the U.K.’s third-largest natural-gas producer, said it plans to bid for the rights to explore for oil in upcoming auctions in Brazil as the company accelerates investments.
BG plans to compete for exploration blocks on land and off the coast of northern Brazil, Chairman Robert Wilson told reporters today in Brasilia. BG plans to invest $30 billion in Brazil by the end of the decade, an increase from the $5 billion it has invested since 1994, he said.