BP Buys Interest in Brazilian Oil Fields

LONDON, March 11 (UPI) — British oil giant BP said Thursday it had purchased rights to oil fields in Brazil for $7 billion from Devon Energy, a company based in Oklahoma.

The purchases include interest in eight offshore oil fields in the Campos and Camamu-Almada basins, The Times of London Online reported. Two other fields are in the Parniaba basin, inland.

Brazil’s state-owned oil company Petrobras is said to have discovered fields containing 80 billion barrels of oil.

The deal includes a partial swap. Devon will buy 50 percent of BP’s Kirby oil sands interests in Alberta, Canada, a deal worth $500 million.

“This strategic opportunity fits well with BP’s operating strengths and key interests around the world, offering us significant additional long-term growth potential with an emphasis on high-margin oil,” BP Chief Executive Officer Tony Hayward said.

“As well as giving us a broad portfolio of assets in the exciting Brazilian deepwater, it will strengthen our position in the Gulf of Mexico, enhance our interests in Azerbaijan and enable us to progress the development of our Caspian assets,” he added.

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Categorized | Oil & Petroleum
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