HRT picks up Polvo stake

May 7, 2013

HRT Oil & Gas Ltda will purchase BP's 60% stake in the Polvo oil field, located 100km off Rio de Janeiro's coast, for US$135 million, the supermajor announced on 6 May 2013. BP said it expects the deal to close by 2H 2013, pending regulatory approvals.

The shallow water Polvo field is in the southern part of the Campos basin, at water depths of around 100m. Commercial production began in 2007, with BP assuming operatorship in 2011 following an acquisition from Devon Energy. Polvo's current production is 13,000 b/d.

“Over the past two years BP has built a significant portfolio of upstream interests in Brazil which offer long term growth potential. We are now actively engaged in exploring this new acreage,” said Guillermo Quintero, BP Brazil President. “The sale of our interest in the Polvo field is part of our ongoing global portfolio optimization as we reposition the company for long-term growth.”

BP maintains interests in 14 exploration and production blocks in Brazil. BP purchased interests in 10 exploration and production blocks – including the shallow-water Polvo field – from Devon Energy in 2011 and farmed into four deepwater blocks operated by Petrobras a year later. Earlier this year BP announced a successful flow test at its operated Itaipu discovery in the Campos basin, one of the blocks acquired from Devon.

Maersk owns the other 40% stake in the Polvo field.



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