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.
The 150,000 barrels of oil per day capacity vessels are part of the wider first phase, fast-track development programme in the Santos Basin that will deliver 2.3m barrels of oil equivalent per day of capacity by 2017, the firm said.
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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.
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