BP says eyeing Brazil licensing round

BP Plc said it is looking for oil exploration opportunities in Brazil, where some of the biggest finds in decades have been made in recent years, but downplayed speculation it was eyeing a tie-up with players active in the area.

“We continue to look to see whether we can find an opportunity to access,” Chief Executive Tony Hayward told a results news conference.

“At the time being opportunities to access Brazil are not very plentiful. We’ll see what happens with the forthcoming licensing round,” he added.

Media reports in the past have suggested BP is planning to buy part of Spanish oil major Repsol’s (REP.MC) Brazilian assets. Repsol has interests in blocks in which big finds have been made but analysts say the company may not have the funds to develop the fields.

Europe’s largest oil company by market value does not currently have any upstream oil and gas interests in Brazil, BP’s exploration boss Andy Inglis said.