BG, Petrobras Return Oil Block in Brazil Santos Basin

BG Group Plc and Petroleo Brasileiro SA returned an off-shore block to the Brazilian oil regulator after drilling two wells, BG said in an e-mailed statement.

The two companies didn’t find “commercial quantities” of crude after drilling two wells in the BM-S-52 block in the off-shore Santos basin, BG said.

BG held 40 percent of the block and was the operator, while Petrobras held the remaining 60 percent. The BG statement was released following a report by Upstream saying the Brazilian regulator canceled the companies’ license to operate the block.

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