BP to acquire deepwater stakes offshore Brazil

BP PLC has agreed with Petroleo Brasileiro SA (Petrobras) to farm in to five deepwater exploration and production concessions operated by the Brazilian company in the Potiguar basin.

Subject to regulatory approvals, BP Energy do Brasil Ltda. will acquire 30% interests in blocks POT-M-663 and POT-M-760 (contract BM-POT-16) and 40% interests in blocks POT-M-665, POT-M-853, and POT-M-855 (contract BM-POT-17).

The blocks are 40-110 km offshore Rio Grande do Norte and Ceara states in 50-2,100 m of water.

Interests in the BM-POT-16 blocks will be Petrobras and BP, 30% each, and Petrogal Brasil SA and IBV, 20% each.

BM-POT-17 interests will be Petrobras and BP, 40% each, and Petrogal Brasil, 20%.

The contracts were awarded in Brazil’s seventh round in 2005.

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