BG Group to explore for oil offshore Aruba

BG Group, a UK-based exploration and production company will search for oil and gas in the Carribean Sea, off the coast of Aruba.

In its quarterly report, BG has revealed today that the company in June signed an agreement to acquire a 30% interest in an exploration block, offshore Aruba.

The block covers 14 356 square kilometres with identified prospectivity in water depths between 400 metres and 1 800 metres.

A Production Sharing Agreement is in place and a 3D seismic programme will be completed in 2014. The Group’s farm-in agreement is subject to approval by the Compania Arubano di Petroleo N.V., the national oil company.

Aruba is an island located in the in the southern Caribbean Sea,  27 kilometres north of the coast of Venezuela.