Brazilian’s top finance role with BG Group

British gas producer BG Group today confirmed its Brazilian intent, appointing a former civil servant in the South American country as its new finance director.

Fabio de Oliveira Barbosa, who spent seven years at the Brazilian ministry of finance and became national treasury secretary before joining mining giant Vale and working his way up to finance director, will replace the group's current finance director, Ashley Almanza, in March.

Last month BG massively upgraded its Brazilian oilfield estimates, with chief executive Frank Chapman saying that these resources were at the centre of the company's growth plans.

The group is spending billions on developing offshore reserves in Brazil's Santos Basin, where it has lifted its estimates for the Tupi, Iracema, and Guará fields from just over 8 billion barrels of oil equivalent to 10.8 billion.

Barbosa, 49, can look forward to a generous pay packet: Almanza last year took home more than £1.3 million.

BG refused to say whether Almanza would receive a pay-off, but pointed out that the 47-year-old will still be working with the firm "to bring to conclusion a number of ongoing ,strategic projects" next year.

Barbosa has already joined BG, but his appointment to the board is subject to his receiving a UK visa.

Chapman said: "Fabio's skills and experience will be invaluable as the group enters its next decade of growth."