Peter Millard, Juan Pablo Spinetto, Rodrigo Orihuela – Bloomberg, 08/23/2012
BP Plc (BP/), the energy company that paid $3.2 billion last year to start exploring off the coast of Brazil, plans to sell its only producing oil field in the country, said two people with knowledge of the sale.
BP is looking to focus on its discoveries in deep waters of the Campos Basin and exit Polvo, a field closer to the coast of Rio de Janeiro, one of the people said, citing comments made by Guillermo Quintero, the head of BP in Brazil, at a private lunch in Rio yesterday. Another person with knowledge of the planned sale said BP started notifying other oil companies of its plans to sell Polvo about a month ago. Both people declined to be named as BP hasn’t made a public announcement yet.
Mark Salt, a BP spokesman in London, declined to comment about the status of Polvo when contacted today by telephone. Polvo, which BP operates with a 60 percent stake, yielded 9,791 barrels a day of oil and natural gas for the company in June, according to the website of country’s oil regulator.