BP Takes Stake In Petrobras' Brazilian Offshore Blocks

Law360, New York (July 15, 2013, 5:38 PM EDT) -- BP PLC has penned a deal with state-owned Petroleo Brasileiro SA for a significant minority stake in five deepwater oil and natural gas concessions off the coast of Brazil, further expanding its growing presence in the country, the company said Monday.

Under the terms of the deal, BP will take a 30 percent stake in each of three offshore blocks covered under state offshore contract BM-POT-16 and a 40 percent stake in each of two blocks covered by the BM-POT-17 contract from Petroleo Brasileiro, more commonly...
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