BP completes Brazil asset transfer from Devon

BP has received final approval to complete the acquisition of Devon Energy’s interests in 10 exploration and production blocks off- and onshore Brazil.

Offshore staff

LONDON-- BP has received final approval to complete the acquisition of Devon Energy’s interests in 10 exploration and production blocks off- and onshore Brazil.

Regulatory approvals came through from Brazil’s National Petroleum, Natural Gas and Biofuels Agency (ANP). These were needed to conclude the agreement, first announced in March 2010.

BP will gain interests in eight offshore license blocks, in water depths ranging from 330-9,100 ft (100-2,780 m).

The Campos basin blocks include the Polvo field, currently producing around 25,000 b/d of oil.

BP will become operator of Polvo, and also of Campos basin blocks BM-C-32 (containing the Itaipu discovery), and BM-C-34 (consisting of C-M-471 and C-M-473, and containing the Fragata discovery).

Additionally, it will operate block Camamu-Almada basin block BM-CAL-13, and receive non-operating interests in Campos basin blocks BM-C-30 (containing the Wahoo discovery), BM-C-35, and the Xerelete discovery (formerly the BC-2 block).

Most of Devon’s employees in Brazil are expected to transfer to BP.

05/11/2011

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