BP Clears Hurdle to Acquire Brazil Blocks from Devon

BP has received final approval from Brazil’s oil regulator to complete the purchase of 10 exploration and production blocks from Devon Energy. The acquisition marks BP's entry into Brazil with assets including eight license blocks in the Campos and Camamu-Almada basins, which hold three discoveries, Xerelete, Wahoo and Itaipu, and the producing Polvo field.

The company will become operator of the Polvo field, and of blocks BM-C-32 (containing the Itaipu discovery) and BM-C-34 (consisting of C-M-471 and C-M-473, and containing the Fragata discovery) in the Campos Basin; Block BM-CAL-13 in the Camamu-Almada Basin; and onshore Block BT-PN-2 in the Parnaiba Basin.

BP will also gain non-operating interests in Blocks BM-C-30 (containing the Wahoo discovery), BM-C-35 and the Xerelete discovery (formerly the BC-2 block), all in the Campos Basin; as well as onshore Block BT-PN-3 in Parnaiba Basin. 

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