Brazil's National Petroleum Agency (ANP) has approved BP’s (LON:BP) application to bid in next month's auction of 4 sites in Brazil’s much coveted pre salt blocks in the Campos and Santos areas.
The announcement was welcomed by BP investors as the company’s shares managed to overcome a floundering market and make gains, ending yesterday’s trading with a gain of 0.13% at 554.73GBX (0.02%) and trading today on only a minor loss at 553.30GBX -3.20 (0.58%) BST 08:20.
Fifth round of bids for FTSE 100 oil giant
The fifth round of bids will start on 28th September and sees BP (LON:BP) grouped with 6 other oil companies, including Royal Dutch Shell Plc (LON:RDSA) and Total SA (LON:TTA) under a PSA (production sharing agreement).
Last chance to secure coveted sites
Brazil has presidential elections scheduled in October and many of the candidates hoping for an increase in Petrobras role in Brazil oil production, this latest bid could be the last chance for BP to gain a stronger stake in Brazil’s rich sites where billions of barrels of oil are reportedly trapped beneath layers of salt.