BP Expands Brazilian Upstream Presence, Farming-in to Five Concessions in Potiguar Basin
BP announced that it has completed a deal with Petróleo Brasileiro S.A. (Petrobras) to farm-in to five deepwater exploration and production concessions operated by Petrobras in the Potiguar Basin located in the Brazilian Equatorial Margin. Subject to regulatory approvals, BP Energy do Brasil Ltda. will take a 30% interest in blocks POT-M-663, and POT-M-760 (contract BM-POT-16), and a 40% interest in blocks POT-M-665, POT-M-853 and POT-M-855 (contract BM-POT-17). Together these blocks cover a total area of 3,837 square kilometres.
Guillermo Quintero, BP Brazil President said: “This is another step in building our presence in Brazil. Since first gaining interests in 10 blocks with our purchase of Devon Energy do Brasil in 2011, we have now expanded our upstream portfolio to interests in 27 blocks in 7 basins, which includes the largest deep-water exploration portfolio held by an international oil company in Brazil.”
Following the farm-in and the signature of concession agreements awarded in Brazil Round 11, BP will hold interests in concessions in 27 blocks in Brazil, of which BP will operate eight. Petrobras will also hold interests in 22 of the blocks: 12 operated by Petrobras, six by Total, and four by BP.
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