Petrobras to acquire BP’s stakes in six blocks offshore Brazil

7 April 2021 (Last Updated April 7th, 2021 17:31)

Petrobras has agreed to acquire BP Energy do Brasil’s (BP) stakes in six blocks located in ultra-deepwater in northern Brazil.

Petrobras to acquire BP’s stakes in six blocks offshore Brazil
BP will transfer its entire 30% stake in six blocks offshore Brazil. Credit: Dean Brierley / Unsplash.

Petrobras has agreed to acquire BP Energy do Brasil’s (BP) stakes in six blocks located in ultra-deepwater in northern Brazil.

Under the agreement, BP will transfer its entire 30% stake FZA-M-57, FZA-M-59, FZA-M-86, FZA-M-88, FZA-M-125 and FZA-M-127 blocks.

Financial terms of the deal have not been made public.

The blocks are located approximately 120km from the state of Amapá, in a high-potential exploratory frontier on the Brazilian equatorial margin.

The consortia comprising Petrobras, Total and BP acquired FZA-M-57, FZA-M-86, FZA-M-88, FZA-M-125 and FZA-M-127 in 2013 in the 11th Bidding Round of Blocks of the Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP).

Petrobras finalised an agreement to buy Total’s 40% stakes in these contracts in September last year, with ANP due to approve the related deal.

A consortium of Petrobras (30%) and BP (70%) owns the FZA-M-59 block.

In a press statement, Petrobras said: “This transaction is in line with the 2021-2025 Strategic Plan, which foresees new exploratory fronts outside the Southeastern basins, and is part of the company’s portfolio management process, prioritising investments in world-class assets in deep and ultra-deep waters, aiming to maximise value for our shareholders.”

Last month, Petrobras said it started the binding phase for the sale of the Albacora and Albacora Leste concessions located in the Campos Basin offshore Brazil.

The Albacora concession is located in water depths ranging from 100m to 1,050m, and approximately 110km from Cabo de São Tomé, on the northern coast of the state of Rio de Janeiro.