LONDON – BP has agreed to sell its 60% interest in the Polvo oil field offshore Brazil to HRT Oil & Gas for $135 million. The deal is expected to close later this year, subject to regulatory approvals.
Polvo is in the southern part of the Campos basin, roughly 100 km (62 mi) off the coast of Rio de Janeiro, in water depths of around 100 m (328 ft).Production started in 2007 and is currently around 13,000 b/d.
BP has operated the field since its acquisition from Devon Energy in 2011 of interests in 10 exploration and production blocks offshore Brazil. Maersk holds the remaining 40% stake in the field.