BP almost approval of the Brazil for Devon Deal, regulator says

10: 00 Am EDT by Peter Millard, 06 April 2011

Updates to the production of Devon Brazil in the tenth paragraph).

April 6 (Bloomberg) - BP Plc, whose shares lost a third since the biggest U.S. spill, may win approval for the purchase of $ 3.2 billion of assets of Devon Energy Corp. Brazil, starting this montha top lawyer to the regulator of the country's oil, said.The London-based company, meets the requirements "technical" for the offshore operation, to the Brazil where eight plans 10 blocks BP to buy Devon are, said Tiago Macedo, General Counsel of the National Office of hydrocarbons. "The approval of BP, relating to Devon, is technically permitted – the only thing missing is the formal approval of this transfer,"Macedo said in an interview late yesterday in Rio de Janeiro."where the Agency is based "There should be no impediment to BP giving continuity to these contracts."The PNA, as the regulatory body is known, has reviewed the operational capabilities and financial BP for more than a year and asked the company for additional documentation after the spill on offshore Macondo well in the Gulf of the Mexico. The two companies expected the deal to close last year.Based in London BP spokesman Mark Salt refused to comment on the timing of the approval process.BP increased 85 pence, or 0.2%, to 475.70 2 h 49 pence in London after earlier rising to as much as 476.70 pence.Devon blocks are in to 8,150 feet (2,484 m) of water in Campos Basin, compared to 5,000 feet to Macondo. The purchase of Devon would give the BP oil fields in a country which provides double production by 2020, it develops the most important discoveries in the Americas since the Mexico in 1976 Cantarell. "Good news" this is good news in that there is another source of very good reputation, endorsing BP ", Jason Gammel, an analyst of Macquarie Capital Europe Ltd. in London said today in a telephone interview. "It suggests that the global industry has faith in BP to be stronger to go forward." "Campos Basin is very promising, it is a nice portfolio asset."Devon based in Oklahoma sold all its assets offshore and international year last to focus on production in the field to the United States and Canada Polvo that Devon operates in shallow waters of the Campos Basin produced 12,265 barrels per day in January, according to the data on the Web site of the ANP. Devon discovered the Itaipu perspective in the deep waters of the end of 2009 Campos Basin and also oil year last in the block BM-C-34 in the same area. Devon also holds a stake of 25 percent in the Wahoo discovery, operated by Anadarko Petroleum Corp.Emerging MarketsBP Managing Director Robert Dudley intensifies the exploration in emerging markets, the company expects to carry out a gain of 40 percent of world demand for energy in the beginning of the annéeBP 2030.Since has signed agreements for exploration in Australiathe Russia and the India for the exploitation of oil and gas. BP sealed a partnership with Cnooc Ltd. last year to explore the Sea.BP of the South China did a not yet resume drilling in the Gulf of the Mexico after the lifting of the ban on exploration in October. The company has applied to drill a new well in deep water, according to a person familiar with the application. Secretary of the Interior Ken Salazar said on 4 April, which is not any agreement to resume drilling in the region.

-With statement by Brian Swint in London. Editors: Dale Crofts, Robin Saponar

To contact the reporters on this story: Peter Millard in Rio de Janeiro Pmillard1@bloomberg.net

To contact the editor responsible for this story: Dale Crofts in Buenos Aires to dcrofts@bloomberg.net

View the original article here