BP, partners win eight deepwater exploration blocks in Brazil’s round 11 auction
BY IAN WALKER
LONDON -- BP said Wednesday it and partners Total, Petrobras and Petrogal were yesterday named winning bidders for eight deepwater blocks offshore Brazil, in the Brazilian ANP' s 11th bid round.
Companies have committed to explore concession blocks FZA-M-57, FZA-M-59, FZA-M-86, FZA-M-88, FZA-M-125, and FAZ-M-127 in the Foz do Amazonas basin, BAR-M-346 in the Barreirinhas basin, and POT-M-764 in the Potiguar basin, for oil and gas resources, with the right to develop any commercial discoveries under the Brazilian concession regime.
BP will be operator, with a 70% stake in block FZA-M-59, and in block BAR-M-346, with a 50% stake. The company and its partners now expect to work with the ANP to finalize the awards, with contract signing expected to take place in August.
Dow Jones Newswires