The commitment to its Brazilian endeavour represents one-quarter of the firm’s total capital spending plans. However, industry commentators have voiced concerns about the difficulties and costs associated with Brazil’s technically challenging oil fields, buried under 7000 metres of sea, rock and salt.

The company has decided to defer a planned investment in Kazakhstan’s Karachaganak gas and oil field. It also needs to invest heavily in Australia after acquiring the $2bn Queensland Gas Company last year.

BG holds a 24% stake in one of the main finds off the coast of Brazil, the Tupi field, in which state-controlled Petrobras has a 65% share and Galp Energia of Portugal 10%.