Petrobras Eyes Stake in BP's Giant Bumerangue Oil Discovery

(Credit: BP)

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.

Here are some details:

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.

The British energy company has described Bumerangue as its biggest discovery in 25 years, estimating it contains about 8 billion barrels of liquids and positioning Brazil as a cornerstone of its upstream portfolio.

BP has also said the carbon dioxide content in its huge Bumerangue oil and gas discovery in Brazil's offshore Santos basin could be managed and that it plans to complete its three-well appraisal plan for the project by the end of the first half of next year.

(Reuters - Reporting by Ruchika Khanna and Nethra Sailesh in Bengaluru; Editing by Shilpi Majumdar and Tasim Zahid)