BP ANNOUNCES SALE OF INTEREST IN POLVO FIELD, BRAZIL

(The following is a reformatted version of a press release
issued by BP and received via e-mail. The release was confirmed
by the sender.) 
6 May, 2013 
BP ANNOUNCES SALE OF INTEREST IN POLVO FIELD, BRAZIL 
BP announced today that it has agreed to sell its 60% interest
in the Polvo oil field in Brazil to HRT Oil & Gas Ltda for $135m
in cash. Subject to regulatory approvals, BP expects the deal to
close in the second half of 2013. 
“Over the past two years BP has built a significant portfolio of
upstream interests in Brazil which offer long term growth
potential. We are now actively engaged in exploring this new
acreage,” said Guillermo Quintero, BP Brazil President. “The
sale of our interest in the Polvo field is part of our ongoing
global portfolio optimization as we reposition the company for
long-term growth.” 
BP currently has interests in fourteen exploration and
production blocks in Brazil. BP purchased interests in ten
exploration and production blocks - including the shallow-water
Polvo field - from Devon Energy in 2011 and farmed into four
deepwater blocks operated by Petrobras a year later. Earlier
this year BP announced a successful flow test at its operated
Itaipu discovery in the Campos basin, one of the blocks acquired
from Devon. 
The Polvo field is located in the southern part of Campos basin,
approximately 100 kilometres off the coast of Rio de Janeiro, in
water depths of around 100 metres. Commercial production started
in 2007 and BP has operated the field since its acquisition from
Devon. The other 40% stake in the field is owned by Maersk. 
Polvo currently produces approximately 13,000 barrels of oil per
day, with BP taking a 60% share. 
Further enquiries: 
BP press office, London +44 (0)207 496 4076, bppress@bp.com
BP Brazil, Carolina Lang, Maquina de Noticias  +55-21-3478-3105,
carolina.lang@grupomaquina.com 
- ENDS - 
(sgp) NY 
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