HRT Oil & Gas Ltd., Rio de Janeiro, will acquire BP PLC’s 60% interest in Polvo oil field in shallow water in the southern Campos basin offshore Brazil for $135 million cash.
Polvo produces 13,000 b/d of oil. BP expects the deal to close in this year’s second half.
BP purchased interests in 10 exploration and production blocks, including Polvo field, from Devon Energy Corp. in 2011 and farmed into four deepwater blocks operated by Petroleo Brasileiro SA a year later.
Guillermo Qintero, BP Brazil president, said, “Over the past 2 years BP has built a significant portfolio of upstream interests in Brazil which offer long term growth potential. We are now actively engaged in exploring this new acreage. The sale of our interest in the Polvo field is part of our ongoing global portfolio optimization as we reposition the company for long-term growth.”
Earlier this year BP announced a successful flow test at its operated Itaipu discovery in the Campos basin on one of the blocks acquired from Devon.
Polvo field, in 100 m of water 100 km off Rio de Janeiro, went on commercial production in 2007. BP has operated Polvo since acquiring it from Devon. Maersk Oil holds the other 40% interest in Polvo.