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BP Is Striking Out in a Hotspot for Offshore Oil Exploration

  • Only C02 and natural gas found at promising prospect in Brazil
  • CEO Dudley has expressed caution ahead of next Brazil rounds
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Source: BP

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It was supposed to be BP Plc’s big Brazilian breakthrough after years of setbacks in one of the world’s top destinations for offshore oil.

The potential bonanza is still out of reach, two years after the London-based major teamed up with Brazil’s national oil company and a unit of China National Petroleum Corp. to outbid two rival groups for the Peroba deepwater block. Data published by the National Petroleum Agency, or ANP, show the explorers haven’t found the kind of hydrocarbons that bring in money.