The development stages:In production - under development/2010-01.The BM-S-11 block is located in Brazil's pre-salt Santos basin and is also known as Cerambi. BG Group owns a 25% stake in the block, with operator Petrobras holding 65% and Portugal's Galp Energía 10%. The block includes the Lula (formally Tupi), Iara and Iracema fields. Petrobras announced the discovery of high quality oil at the block's 3-RJS-706 well (3-BRSA-1132-RJS) in Lula field in January 2013. In December 2014 Petrobras filed a commercial declaration of the Iracema field and the company expects it to come on stream sometime in 2015. The oil found was 28 degrees API. In 2014, the BM-S-11 consortium began a confidential arbitration process in accordance with the concession agreement in response to the ANP's decision determining the unification of the Lula and Iracema discoveries. Exploration activities continue at the block.