Oil and gas giant BG Group has received initial approval from the Brazilian Development Bank (BNDES) for long-term finance to fund part of the company's interests in the pre-salt Santos Basin, offshore Brazil.
The funding of up to $1.8bn will be used for BG's share of local procurement and construction costs for the eight floating production, storage and offload (FPSO) facilities that will be owned by BG and its Santos Basin partners.
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The terms of a 14-year agreement are expected to have been hashed out by the second quarter of this year.
The share price rose 0.66% to 1,527.50p by 08:44.
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