BP, partners win eight deepwater exploration blocks in Brazil’s round 11 auction

5/15/2013

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

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