BP PLC (BP, BP.LN) plans to participate in the next auction of oil and natural-gas concessions in Brazil, BP Brasil President Guillermo Quintero said Wednesday.
BP PLC (BP, BP.LN) plans to participate in the next auction of oil and
natural-gas concessions in
Brazil
, BP
Brasil President Guillermo Quintero said Wednesday.
The company is also interested in any future auctions of government-held areas
in
Brazil
's
pre-salt region, Quintero told reporters in
Rio
de Janeiro
.
"We are going to analyze all of the opportunities because we have a lot of
interest in
Brazil
,
primarily in deep water," he said.
BP is also looking at buying stakes in exploration blocks from other companies,
similar to its recently approved deal for Devon Energy Corp.'s (DVN) assets in
Brazil
,
according to Quintero. On Tuesday, local regulators gave final approval for the
transfer of
Devon
's Brazilian rights to BP.
When the deal was disclosed in March 2010, BP estimated its crude-oil output in
Brazil
could
reach 100,000 barrels per day. Quintero didn't provide an updated production
target for BP's new Brazilian assets, but said that the company plans to boost
output "significantly" in coming years.
The Polvo field, which was part of the
Devon
deal,
currently produces about 27,000 barrels of crude a day
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