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BP transfers operation right of Amazon delta to Petronas
Date: Click quantity: 88

British Petroleum (BP) confirmed on October 26 that it has transferred the right to operate an environmentally sensitive exploration block in the Amazon Delta to the Brazilian state oil company Petrobras (Petrobras).

Petrobras will take over the operation of the FZA-M-59 block in the Foz do Amazon Basin after obtaining approval from the Brazilian National Petroleum, Natural Gas and Biofuel Agency (ANP) last week.

Previously, French oil giant Total gave up its operating equity in five exploration blocks offshore Brazil in the Amazon Delta last month, and it has been struggling to obtain environmental permits for drilling in the area.

Total and BP formed a consortium with Petrobras in 2013 and won these blocks. Total, as the operator of FZA-M-57, FZA-M-86, FZA-M-88, FZA-M-125 and FZA-M-127, owns 40% of the equity, while BP and Petrobras each own 30 % Equity.

The background of Total’s move is that as public concerns about climate change intensify, European oil giants are becoming more and more sensitive to new oil exploration. BP pledged last month that as part of its transition to clean energy, it would not conduct new oil exploration in new countries. The company also sold its shares in Prudhoe Bay and other Alaska oil fields to Hilcorp.