BP moves deeper into Brazil

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RIO DE JANEIRO, March 8 (UPI) -- British energy company BP announced it was expanding its deep-water portfolio with four exploration concessions in Brazil.

BP said the Brazilian National Petroleum Agency approved its farm-in to four deep-water concessions covering 2,113 square miles.

"BP is building on our strengths in exploration and the deep water and these four new blocks bring exciting new exploration opportunities, adding to the already significant position we hold in Brazil," BP Chief Executive Officer Bob Dudley said in a statement.

The concessions are more than 30 miles off the coast of Brazil in roughly 6,500 feet of water.

BP holds concessions in 14 blocks in Brazil. It serves as the operator at six and is a partner with state-owned energy company Petrobras in nine concessions.

"I am pleased that this also deepens our strong relationship with Petrobras, one of the world's leading deep-water operators," added Dudley.