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The Times: Need to know: Natural resources: November 10, 2007

November 10, 2007

Need to know

Natural resources

BG Group’s shares soared yesterday on the biggest oil discovery for seven years as Petrobras, BG’s Brazilian partner, announced a find that could propel Brazil into the club of petrostates.

Sibir Energy, the oil and gas exploration and production company, said that it is producing more than 60,000 barrels of oil per day ahead of schedule, after its Salym Petroleum Development joint venture achieved record output of more than 107,000 barrels per day. Sibir said that its share of production from the 50-50 joint venture with Royal Dutch Shell was more than 53,500 barrels, with the additional amount coming from Sibir’s 95 per cent-owned Magma Oil subsidiary.

http://business.timesonline.co.uk/tol/business/markets/article2844025.ece

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