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BP makes investment in Brazil

Date added: 15th March, 2010 at 09:07
(view all articles from March, 2010)

Categories: Economy

Oil company BP has made an investment in Brazil by purchasing assets in the country from Devon Energy.

As a result of the deal, BP will explore ten sites for oil in the country, seven of which are located in the Campos basin.

BP group chief executive Tony Hayward said the investment in Brazil will give the oil giant a broad portfolio in the Latin American country.

"This strategic opportunity fits well with BP's operating strengths and key interests around the world, offering us significant additional long-term growth potential with an emphasis on high-margin oil," he commented.

Andy Inglis, BP's chief executive of exploration and production, added that the deal secures BP's leading position in the deepwater oil market.

This comes after competitor Royal Dutch Shell made a $1.625 billion (£1 billion) cash investment in Brazil by joining forces with Cosan SA Industria & Comercio, giving the company access to one of the largest biofuels markets in the world.ADNFCR-1477-ID-19667906-ADNFCR

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