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BP announces oil exploration plans off Brazil
Mar 11, 2010, 8:25 GMT
London - Oil giant British Petroleum (BP) is to begin exploring oil off the coast of Brazil after reaching a deal worth 4.7 billion pounds (7 billion dollars), it announced Thursday.
BP said in London it had paid US firm Devon Energy the money in cash for its Brazilian assets, as well as US deepwater sites in the Gulf of Mexico.
The deal will give BP access to fields in Brazil's Campos and Camamu-Almada basins, in water depths from 100 metres to 2,780 metres.
The oil giant has also bought 240 leases in 'ultra-deepwater' areas in the US Gulf of Mexico, and a small stake in a site in Azerbaijan.
BP announced plans earlier this month that it would start production on 42 major projects worldwide over the next five years.
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