The Brazilian National Petroleum Agency (ANP) approved the deal last week, giving BP a 40% participation interest in blocks BM-BAR-3 and BM-BAR-5. Petrobras will remain the operator of the two licences with a 60% stake.
It is understood that the deal involved cash and the sublet of the Transocean-owned drillship Deepwater Discovery to spud a couple of wells at the permits.
BP
