Wednesday 11 May 2011

BP gains approval for Brazil blocks

BP has gained approval to buy ten oil blocks in Brazil from exploration firm Devon Energy.

The oil giant was given the final nod it needed for the deal from Brazilian National Petroleum, Natural Gas and Biofuels Agency.

Eight offshore blocks located at water depths ranging from 330 to 9,100 feet and two onshore licences are included in the purchase.

One of the offshore fields, in the Campos basin, is currently producing around 25,000 barrels of oil per day.

The deal adds to BP's involvement in the South American country that covers lubricant, aviation and biofuel interests.