Petrobras buys BP stake in Foz do Amazonas basin

Petrobras signed an agreement to purchase the stake of oil company BP in six oil blocks, located in the Foz do Amazonas basin, in ultra-deep waters in the Northern Region of Brazil. It is worth remembering that these areas have been involved in an environmental controversy for some time.

The six blocks were acquired by the consortium signed between Petrobras (30%), Total (40%) and BP (30%) in the 11th Bidding Round of Blocks of the National Agency of Petroleum, Natural Gas and Biofuels (ANP) in 2013. Petrobras had also already signed an agreement to take over the full operation of Total's holdings in these contracts in September 2020. However, contracts are still subject to ANP approval.

In turn, BP and Total had already complained about the difficulties in environmental licensing and there are still discussions with Ibama about the requirements to start the stages of exploration, since the site is considered one of the richest in biodiversity on the planet. Still, the state-owned company closed a deal and now holds a 100% stake in the six blocks. Nevertheless, the implementation of the operation is still subject to approvals by regulatory bodies.

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