BG Group makes oil discovery in Brazil

LONDON, Aug 8 (Reuters) - British gas producer BG Group Plc (BG.L) said on Friday it had made a material new oil discovery off the coast of Brazil.

BG said its exploration well Iara, around 230 kilometeres off the coast of Rio de Janeiro, had discovered light crude oil and was the third well to find hydrocarbons in the area. (Reporting by Jonathan Cable; Editing by Louise Ireland)