Brazil's state-run oil company Petroleo Brasileiro SA (PBR, PETR4.BR)
has sold minority stakes in five oil exploration blocks in the promising
Equatorial Margin region in northeastern Brazil to the U.K.'s BP PLC
(BP).
The blocks are all located in the Potiguar basin, part of
Brazil's Equatorial Margin. Oil companies have been attracted to the
area, hoping that recent discoveries off the coast of West Africa and
French Guiana would translate to Brazil's coast.
The deal, which is subject to regulatory approval, would
increase BP's presence in Brazil to 27 oil blocks, of which it is the
operator with responsibility for exploration and development in eight.
BP said it will take 30% stakes in two of the blocks,
POT-M-663 and POT-M-760, and 40% stakes in three others, POT-M-665,
POT-M-853 and POT-M-855.