Petrobras Eyes Stake in BP's Giant Bumerangue Oil Discovery

BP is in talks with Petrobras to sell a stake in its Bumerangue oil block off the coast of Brazil, Bloomberg News reported on Thursday, citing people familiar with the matter.

Reuters could not independently verify the report. BP and Petrobras did not immediately respond to Reuters' requests for comment.

Negotiations are ongoing and a deal is not guaranteed, the report said.

BP currently owns 100% of the Bumerangue block and said last year that it was seeking a partner to help evaluate the discovery before making a final investment decision on the project.

This story was originally published by Offshore Engineer. Read the full story at Offshore Engineer →