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BP Expands Brazilian Upstream Presence; to Explore Four Blocks with Petrobras

Tue, 6 Mar 2012 11:28:56 EST

BP announced today 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 per cent 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 2,113 square kilometres.

'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.'

Guillermo Quintero, BP Brazil President added: 'Over the past year, in addition to acquiring ten 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.'
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).

Notes to editors

** Blocks BM-CE-1 and BM-CE-2 were awarded in Brazil Round 2 (2000). They are located 75 kilometres offshore from the city of Fortaleza, in water depths ranging from 100 metres to 2,200 metres.
** Blocks BM-BAR-3 and BM-BAR-5 were awarded in Brazil Rounds 4 and 5 (2002 and 2003, respectively). They are located 200 kilometres offshore from the city of São Luís (MA) in water depths ranging from 2,000 metres to 3,000 metres.
** BP has four businesses in Brazil: exploration and production (BP Energy do Brasil); biofuels (BP Biocombustíveis); aviation fuel (Air BP); and lubricants (Castrol)
** BP now owns and operates three producing ethanol mills in Brazil, with a total crush capacity of 7.5 million tonnes per annum.
** In December 2011 Air BP announced it was expanding its operations in Brazil, acquiring refuelling facilities at seven airports to give it operations at 18 airports across the country.
** BP Group companies have operated in the Brazilian energy sector for over half a century, and are now present in ten Brazilian states (Bahia, Ceará, Espírito Santo, Goiás, Maranhão, Mato Grosso, Minas Gerais, Paraná, Rio de Janeiro and São Paulo) and the Federal District.


Source: WebWire



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