Petrobras to take over BP’s ultra-deepwater assets off northern Brazil

Brazilian oil major Petrobras has struck a deal with BP to assume control over its entire stakes in six blocks in ultra-deep water in northern Brazil.

The six blocks in the agreements are: FZA-M-57, FZA-M-59, FZA-M-86, FZA-M-88, FZA-M-125 and FZA-M-127, which were acquired by the consortia in the eleventh bidding round of blocks of the National Agency of Petroleum, Natural Gas and Biofuels (ANP), which occurred in 2013.

Blocks FZA-M-57, FZA-M-86, FZA-M-88, FZA-M-125 and FZA-M-127 are owned by Petrobras with 30%, Total with 40% and BP holding 30%.

Petrobras had already signed an agreement to assume the operation and the totality of Total’s stakes in these contracts in September last year. The FZA-M-59 block is owned by a consortium of Petrobras, with a 30% stake and operator, and BP with 70%.

The completion of the transfer between Petrobras and BP is still subject to regulatory approvals.

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