UK-based BP has signed a contract with Brazil-based energy firm Petróleo Brasileiro (Petrobras) to farm-in to five deepwater exploration and production concessions in the Potiguar Basin located in the Equatorial Margin of Brazil.
The five concessions are currently being operated by Petrobras.
Under the contract, BP Energy do Brasil will acquire a 30% stake in POT-M-663, and POT-M-760 blocks, which are collectively called BM-POT-16, and a 40% stake in POT-M-665, POT-M-853 and POT-M-855 blocks, which are collectively called BM-POT-17.
The blocks, which together cover a total area of 3,837km², are located between 40km and 110km offshore from the coast of Rio Grande do Norte and Ceará states, in water depths ranging from 50m to 2,100m.
BP secured BM-POT-16 and BM-POT-17 contracts, as part of the Brazil Round 7 in 2005.
The company will hold stakes in concessions in 27 blocks in Brazil and operate eight of them, after the farm-in and signing of concession deals secured in Brazil Round 11.
Petrobras will also hold interests in 22 blocks and operate 12 of them, while the remaining six blocks will be operated by Total and four by BP.