Petrobras to Quit Huge Brazil Oil Field

From Reuters

By Sabrina Lorenzi and Jeb Blount

Brazil’s state-owned oil company, Petrobras, and its partners plan to abandon the major Bem-Te-Vi offshore oil prospect to concentrate investment on a larger discovery nearby, a source with direct knowledge of the decision told Reuters.

Located in the BM-S-8 block in the Santos Basin south of Rio, Bem-Te-Vi is being returned to Brazil’s oil regulator, the ANP, along with at least part of the Biguá prospect, in the same block. The partners in BM-S-8 plan to focus instead on another prospect of the block, Carcará, a discovery many believe to be one of the largest ever in Brazil.

“The Carcará discovery is a good one and efforts in the block will be concentrated there,” the source told Reuters on the condition anonymity. “Bem-Te-Vi and Biguá don’t represent as much to the partners.”

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