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BP Grows Brazilian Presence with 4 Deepwater E&P Concessions

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BP announced Tuesday that the Brazilian National Petroleum Agency (ANP) has approved its farm-in to four deepwater exploration and production concessions operated by Petróleo Brasileiro S.A. (Petrobras) in the Brazilian equatorial margin.

BP Energy do Brasil Ltda. is taking a 40 percent interest in each of the blocks -- located in the Barreirinhas and Ceará 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 Ceará basin. Together, the blocks cover a total area of 816 square miles (2,113 square kilometers).

"BP is building on our strengths in exploration and the deepwater and these four new blocks bring exciting new exploration opportunities, adding to the already significant position we hold in Brazil," said Bob Dudley, BP group chief executive. "I am pleased that this also deepens our strong relationship with Petrobras, one of the world's leading deepwater operators."

"Over the past year, in addition to acquiring 10 upstream concessions from Devon Energy in May, we have made major investments in biofuels and expanded our aviation business in Brazil. I am delighted with this continued growth of our presence in Brazil," said Guillermo Quintero, BP Brazil President.

Following the farm-in, BP will hold concessions in 14 blocks in Brazil, operating six. BP will be a partner with Petrobras in nine of these concession areas: the Xerelete field, BM-C-34 and BM-C-35 (in the Campos basin); BT-PN-2 and BT-PN-3 (in the Parnaíba basin); BM-BAR-3 and BM-BAR-5 (in the Barreirinhas basin) and BM-CE-1 and BM-CE-2 (in Ceará basin).

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