Friday, December 13, 2019

BP Wins Offshore Oil Block in Brazil with $75 mln Bid

October 10, 2019

© marchello74 / Adobe Stock

BP PLC won the production and exploration rights for Brazil's offshore S-M-1500 block in the Santos Basin on Thursday, paying the government a signing bonus of roughly 308 million reais ($74.6 million).

Relatively major blocks in the Santos Basin received no offers in the bidding round in Rio de Janeiro, although there was significant interest in the nearby Campos Basin.

(Reporting by Gram Slattery, Marta Nogueira and Rodrigo Viga Gaier; editing by Jason Neely)

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