Floating production group BW Offshore is to buy a 30% stake in the Polvo oil field off the Brazilian coast.
The company will buy the stake from Brazilian independent HRT, which is paying more than £82million for BP’s 60% share in the field.
BP announced the sale of its stake in the field, which sits around 100km off the coast of Rio de Janeiro, as part of a rationalisation programme in Brazil earlier this year.
The field produces around 13,000 barrels of oil per day.
BW Offshore owns and operates the FPSO Polvo, which is producing on the field.
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