Petrobras sells minority stakes in five offshore Potiguar blocks to BP
BY ROGERIO JELMAYER
SAO PAULO -- Brazil's state-run oil company Petrobras has sold minority stakes in five oil exploration blocks in the promising Equatorial Margin region in northeastern Brazil to BP.
The blocks are all located in the Potiguar basin, part of Brazil's Equatorial Margin. Oil companies have been attracted to the area, hoping that recent discoveries off the coast of West Africa and French Guiana would translate to Brazil's coast.
The deal, which is subject to regulatory approval, would increase BP's presence in Brazil to 27 oil blocks, of which it is the operator with responsibility for exploration and development in eight.
BP said it will take 30% stakes in two of the blocks, POT-M-663 and POT-M-760, and 40% stakes in three others, POT-M-665, POT-M-853 and POT-M-855.
Dow Jones Newswires