BP seeks partner for Brazil Bumerangue Block

BP's Brazil Chief Andres Guevara de la Vega announced on Thursday that the oil giant will look for a partner in order to evaluate the discovery made at Brazil's Bumerangue Block. It could also reach a deal with a partner before making a final decision about investing in the project.

In August, the British company, who currently own 100% of this block, announced that Bumerangue was its largest oil and natural gas discovery in over 25 years.

Vega, speaking at an event in Rio de Janeiro, said that the search for a new partner would take place over the next year or two.

He added: "For me, it is almost certain that the partnership will end before we take a FID. "But there is no fixed date."

Petrobras, Brazil's state owned oil company, would seem to be an obvious partner. However sources at Petrobras disagree.

In August, its involvement will depend on whether the carbon levels in the fields are high enough that they hinder commercial operations.

Vega stated that BP would also evaluate oil block auctions this year in Brazil, but it will continue to focus on developing its existing assets. (Reporting and writing by Marta Nogueira, Isabel Teles, Fernando Cardoso and Sarah Morland; editing by Sarah Morland).

(source: Reuters)