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Wednesday, May 11, 2011

BP may buy Brazil assets to boost output, (BP)

BP is negotiating opportunities to purchase stakes in oil fields in Brazil to accelerate production increases in the South American nation, the head of the company's Brazil division said on Wednesday. London-based BP (BP.L) on Tuesday received approval from Brazil's ANP energy regulator for its purchase of assets from U.S.-based Devon DEV.N, a deal signed in 2010, but put on hold following the massive Gulf of Mexico oil spill. The company, which plans to spend $20 billion expanding existing operations around the world in 2011, is looking to new areas including Brazil and Russia to increase oil output. "We can't reveal the names for strategic reasons, but we have two or three farm-in negotiation processes underway," said Guillermo Quintero, president of BP's Brazil division, during a press conference. "We didn't come to Brazil just to continue what Devon started, Brazil is strategic for us."