LONDON--Oil major BP PLC (BP.LN) said Wednesday it and partners
Total SA (TOT), Petrobras and Petrogal were yesterday named winning
bidders for eight deepwater blocks offshore Brazil in the Brazilian
National Petroleum Agency's 11th bid round.
MAIN FACTS:
-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.
-BP and its partners now expect to work with the ANP to finalize
the awards.
-Signing of the contracts is expected to take place in
August.
-BP Shares at 1020 GMT down 0.03% at 468 pence valuing the
company at 89.33 billion pounds.
-Write to Ian Walker at ian.walker@dowjones.com
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