• From The BBC:

    Oil giant BP has announced a deal that will allow it to begin exploring off the coast of Brazil.It will pay US firm Devon Energy $7bn (£4.7bn) in cash for its Brazilian assets, as well as US deepwater sites in the Gulf of Mexico. The deal includes 10 exploration “blocks” in Brazil, which has some of the world’s largest deepwater oil fields. BP is also selling Devon half its stake in some Canadian oil fields for $500m. “Through our entry into Brazil, BP will add a major position in another attractive deepwater basin,” said Andy Inglis, BP’s head of exploration and production. “It further underlines our global position as the leading deepwater international oil company.” Deepwater generally refers to oil fields in water 300 metres or deeper. Oil companies around the world are exploring deeper and deeper areas around the world as technological developments make it possible to drill in areas previously considered too expensive. The deal will give BP access to fields in Brazil’s Campo…

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    Posted by Jon @ 10:30 am

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