BP Farms into Petrobras Blocks Offshore Brazil

BP reported Monday lunchtime (UK time) that it has completed a deal with Petróleo Brasileiro S.A. (Petrobras) to farm into five deepwater exploration and production concessions operated by Petrobras in the Potiguar Basin in the Brazilian Equatorial Margin.

Subject to regulatory approvals, BP Energy do Brasil Ltda. will take a 30-percent interest in blocks POT-M-663, and POT-M-760, and a 40-percent interest in blocks POT-M-665, POT-M-853 and POT-M-855. Together these blocks cover a total area of 1,475 square miles.

Following the farm-in and the signature of concession agreements awarded in Brazil Round 11, BP will hold interests in concessions in 27 blocks in Brazil, of which BP will operate eight. Petrobras will also hold interests in 22 of the blocks: 12 operated by Petrobras, six by Total, and four by BP.

BP Brazil President Guillermo Quintero commented in a company statement:

"This is another step in building our presence in Brazil. Since first gaining interests in 10 blocks with our purchase of Devon Energy do Brasil in 2011, we have now expanded our upstream portfolio to interests in 27 blocks in 7 basins, which includes the largest deep-water exploration portfolio held by an international oil company in Brazil."

The blocks that BP is farming into were awarded in Brazil Round 7 in 2005. They are located between 25 miles and 69 miles offshore from the coasts of Rio Grande do Norte and Ceará states in water depths that range from 164 feet to 6,890 feet.


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