BP to sell 60 pc interest in Brazilian oil field for $135 million

10:15 AM, 7th May 2013

LONDON, UK/RIO DE JANEIRO, BRAZIL: BP has agreed to sell its 60 per cent interest in the Polvo oil field in Brazil to HRT Oil & Gas Ltda for $135 million in cash. Subject to regulatory approvals, BP expects the deal to close in the second half of 2013. Polvo currently produces approximately 13,000 barrels of oil per day.

“Over the past two 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,” said Guillermo Quintero, President, BP Brazil.

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