BP wins offshore oil block in Brazil with $75 mln bid

BP PLC won the production and exploration rights for Brazil’s offshore S-M-1500 block in the Santos Basin on Thursday, paying the government a signing bonus of roughly 308 million reais ($74.6 million).

Relatively major blocks in the Santos Basin received no offers in the bidding round in Rio de Janeiro, although there was significant interest in the nearby Campos Basin.

($1 = 4.13 reais)

Source: Reuters

Published: 10-10-2019