BP and Petrobras discuss possible Bumerangue stake sale
BP is negotiating with Petrobras over a possible sale of part of the Bumerangue offshore oil block in Brazil’s Santos Basin, according to people familiar with the talks. BP describes the discovery as its largest in 25 years, with about eight billion barrels of liquids in place, but elevated carbon dioxide levels could complicate development. BP does not expect a final investment decision before 2027, and the discussions may not result in a transaction.
Why it matters
A completed sale would give BP a partner with deepwater expertise and could spread appraisal and development costs, while giving Petrobras access to another offshore resource. The potential transaction remains preliminary, with no disclosed stake size, valuation or agreement.
Key facts
- 1BP said Bumerangue contains about eight billion barrels of liquids in place. theedgemarkets.com
- 2BP does not expect a final investment decision on Bumerangue before 2027. theedgemarkets.com
- 3Neither company has disclosed the potential stake size or valuation. oilandgas360.com
- 4High carbon dioxide content is a technical challenge for developing the discovery. theedgemarkets.com
Open questions
- The parties have not agreed to a transaction, and the talks could end without a deal.
- The potential stake size and valuation have not been disclosed.
Summary written by AlphAI AI Desk from 4 of 4 sources. Not investment advice. Figures are as stated by the linked sources.