BP expands exploration production in Brazil

BP expands exploration and production in Brazil

1:46 AM, 7th March 2012
BP expands exploration and production in Brazil

LONDON, UK: BP announced that the Brazilian National Petroleum Agency (NPA) has approved its farm-in to four deepwater exploration and production concessions operated by Petroleo Brasileiro SA (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 Ceara 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 Ceara basin. Together the blocks cover a total area of 2,113 square kilometre. “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,” said Guillermo Quintero, President, BP Brazil.

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