The FINANCIAL -- BP announced that the Brazilian National Petroleum
Agency has approved its farm-in to four deepwater exploration and
production concessions operated by Petróleo Brasileiro S.A.
in the Brazilian equatorial margin.
BP Energy do Brasil Ltda. is taking a 40 per cent interest in each of the blocks, located in the Barreirinhas and Ceará basins, from Petrobras.
According to BP, the move will give BP access to four new concession blocks in Brazil: BM-BAR-3 and BM-BAR-5 in the Barreirinhas basin, and BM-CE-1 and BM-CE-2 in the Ceará basin. Together the blocks cover a total area of 2,113 square kilometres.
“BP is building on our strengths in exploration and the deepwater and these four new blocks bring exciting new exploration opportunities, adding to the already significant position we hold in Brazil,” said Bob Dudley, BP group chief executive. “I am pleased that this also deepens our strong relationship with Petrobras, one of the world’s leading deepwater operators.”
Guillermo Quintero, BP Brazil President added: “Over the past year, in addition to acquiring ten upstream concessions from Devon Energy in May, we have made major investments in biofuels and expanded our aviation business in Brazil. I am delighted with this continued growth of our presence in Brazil.”