Petrobras, BG Lose Santos Block License in Brazil, Upstream Says

Petroleo Brasileiro SA (PETR4) and BG Group Plc had their license for an offshore oil block in Brazil’s Santos basin canceled, Upstream reported on its website.

The country’s oil regulator, known as ANP, withdrew the license for the BM-5-52 block after an evaluation plan for the Corcovado-1 discovery in the area wasn’t approved, Upstream reported, citing a person that it didn’t identify.

Officials at BG and the ANP didn’t reply to e-mails and telephone calls. An official at Petrobras’s press office referred all questions to BG, which operates the block, and to the ANP in an e-mailed response to questions.

To contact the reporter on this story: Rodrigo Orihuela in Rio de Janeiro at rorihuela@bloomberg.net

To contact the editor responsible for this story: James Attwood at jattwood3@bloomberg.net

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