12 March 2010

BRASIL: BP Betting $7 Billion On Campos Oil Field.

TELEGRAPH.UK/    BP chief executive Tony Hayward is betting on Brasil's Campos basin for the company's biggest acquisition in seven years with the $7 billion purchase of leases there, in the Gulf of Mexico and Azerbaijan from Devon Energy. "There's no doubt it's absolutely key in terms of getting a foot in the door in Brazil," says energy analyst Malcolm Graham-Wood. "The blocks are not huge but it's very important for BP to be part of the pack." BP has become expert in deepwater drilling in the Gulf of Mexico, a necessary skill in the sub-salt Campos basin. BP is the last major petrol company to enter the Brasilian deepwater oil sweepstakes. Experts say the Campos basin has been less fruitful for oil discoveries than the Santos basin to the south but they still have "great potential."