BP expands brazilian upstream presence to explore four blocks with Petrobras

Wednesday, March 7, 2012
  • 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.

BP announced that the Brazilian National Petroleum Agency (ANP) has approved its farm-in to four deepwater exploration and production concessions operated by Petróleo Brasileiro S.A. (Petrobras) 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.

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.'

Following the farm-in, BP will hold concessions in 14 blocks in Brazil, operating six. BP will be a partner with Petrobras in nine of these concession areas: the Xerelete field, BM-C-34 and BM-C-35 (in the Campos basin); BT-PN-2 and BT-PN-3 (in the Parnaíba basin); BM-BAR-3 and BM-BAR-5 (in the Barreirinhas basin) and BM-CE-1 and BM-CE-2 (in Ceará basin).

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

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