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Official: BG pumping $4B into Brazil fields

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January 12, 2009 06:46 PM EST | AP

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RIO DE JANEIRO, Brazil — BG Group PLC says it will invest $4 billion in Brazil's offshore oil fields over the next three years.

BG spokeswoman Edel McCaffrey says Britain's third largest oil and gas producer will invest in the massive Tupi fields off Brazil's southeast coast.

Economic Development Minister for Rio de Janeiro state Julio Bueno says the investment was announced by BG executives during a meeting on Monday with Rio de Janeiro state governor Sergio Cabral.

BG is part of a consortium to develop part of the offshore finds. Some officials estimate the finds could hold up to 80 billion barrels of oil.

(This version CORRECTS name to BG Group.)