Bloomberg News

BP Boosts North Brazil Presence With Fourth Petrobras Block

March 02, 2012

BP Plc (BP/), Europe’s second-largest oil company by market value, is taking a stake from Petroleo Brasileiro SA (PETR4) in a block off Brazil’s northeastern coast in the fourth such transaction this year.

BP received regulatory authorization to take the stake in the BM-CE-2 exploration block in the Ceara basin from the state- controlled crude producer known as Petrobras, Brazil’s oil regulator said today on its website. The regulator known as ANP didn’t disclose terms of the deal.

BP received a permit for a stake from Petrobras in the same basin in January and has been authorized to take two more in the Barreirinhas basin, also in northeastern Brazil.

BP plans to increase production in Brazil after paying $3.2 billion to buy nine exploration licenses from Devon Energy Corp. last year. Petrobras and BP press officials didn’t immediately respond to e-mails and telephone calls seeking comment on terms of the transaction.

To contact the reporters on this story: Peter Millard in Rio de Janeiro at pmillard1@bloomberg.net; Rodrigo Orihuela in Rio de Janeiro at rorihuela@bloomberg.net

To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net


Tim Cook's Reboot
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus