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BP diesel news: BP to look for oil in Brazil

11 March, 10
BP has announced an agreement which will allow it to explore Brazil's coast for oil.

The oil company will pay $7.0 billion (£4.7 billion) to the US firm Devon Energy for its assets in Brazil.

The contract will give BP the chance to explore oil fields from 100 metres to 2,780 metres in Brazil's Campos and Camamu-Almada basins.

Andy Inglis, head of exploration and production at BP, said: "Through our entry into Brazil, BP will add a major position in another attractive deepwater basin.

"It further underlines our global position as the leading deepwater international oil company."

Oil producers such as BP are attracted to the size of the fields in the South American country, despite the cost of extraction being high because most of the fields are underwater.

As part of the deal, Devon will buy half of BP's assets in Canada's Kirby oil sands project, creating a joint venture there.

Posted by Nick Jenkins
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BP diesel news: BP to look for oil in Brazil