BP is to expand its interests in Brazil after agreeing to farm into five of Petrobras’ deepwater licences.
The oil major is to take a 30% stake in two of the Brazlian state-owned firm’s blocks, and a 40% interest in the remaining three.
The value of the deal, which will cover an area of around 3837 square kilometres, has not been disclosed.
Petrobras will retain operatorship of the two licences, in the Potiguar basin.
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