Petrobras steps up at Gulf sale

Brazil's state oil company Petrobras said it had snapped up 26 blocks in the US Gulf of Mexico for $108 million in the US Minerals Management Service’s lease sale.

The company bought the rights for 20 blocks on its own and for six blocks in partnership with Devon Energy. Two of these will be Petrobras-operated. Petrobras said it sought to consolidate its position in areas of the Gulf where it already has exploration activities, particularly in deep-water and ultra deep-water tracts like Walker Ridge. Petrobras has 338 blocks in the Gulf, of which it operates 200.

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