Petrobras takes over BP’s stakes in basin where geologist say Guyana oil-rich play extends - Panorama Insurance Brokers

Petrobras takes over BP’s stakes in basin where geologist say Guyana oil-rich play extends

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The highly prospective Foz do Amazonas region in Brazil, which is part of South America’s Equatorial Margin, is considered to hold similar geology and prospects to Guyana and West Africa. But due to ongoing environmental challenges with permits in the basin, BP has been unable to carry out operations. As a result, Brazil state oil company Petrobras said on Tuesday it has agreed to take over BP’s stakes in six offshore exploration and production blocks in the region.

Read more at OilNOW.gy