BP to exit Brazil's Polvo oil fieldMay 6, 2013 @ 6:39 am
LONDON (AP) - Oil company BP says it is selling its majority stake in Brazil's Polvo oil field for $135 million in cash to HRT Oil & Gas.
BP gained its 60 percent stake in Polvo from Devon Energy in 2011 as part of a purchase in ten exploration and production blocks. Maersk owns the other 40 percent and the field, located approximately 100 kilometers (60 miles) off the coast of Rio de Janeiro, currently produces about 13,000 barrels of oil a day.
BP said in a statement Monday that the deal with Brazil's HRT Oil & Gas is expected to close in the second half of 2013, subject to regulatory approvals.
In March, BP announced it was buying back $8 billion of shares using money from the sale of TNK-BP to Rosneft.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
Demonstrations following the grand jury's decision in Ferguson aren't over in Seattle
Smoke billowed from burned-out buildings after Ferguson erupted in flames overnight
The Scene In Seattle
Photos of protesters in Seattle holding 'die-ins' following the Ferguson decision
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.