Petrobras to buy stakes in six Brazil deepwater blocks from BP

  • Petrobras (NYSE:PBR) says it will assume stakes in six BP deepwater exploration blocks in Brazil's environmentally sensitive Foz do Amazonas Basin; financial details are not provided.
  • The Brazilian company says BP transferred its 30% minority stakes in the FZA-M-57, FZA-M-59, FZA-M-86, FZA-M-88, FZA-M-125 and FZA-M-127 blocks; Petrobras already held 70% stakes in the blocks.
  • BP 's move follows in the footsteps of Total, which sold its 40% stake in five of the blocks to Petrobras last year after repeatedly failing to secure drilling licenses from Brazil's Ibama environmental watchdog.
  • Brazil geologists have estimated that the Fox do Amazonas area could hold as much as 14B barrels and 40T cf of natural gas in place.

    Over the current book year the company from London could achieve a revenue around 253.21 billion GBp (consensus estimates). This is quite more than 2020's revenue of 180.37 billion GBp.

    Historical revenues and results BP plus estimates 2020

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    The analysts expect for 2021 a net profit of 7.83 billion GBp. For this year the majority of the analysts, consulted by press agency Thomson Reuters, expects a profit per share of 37 GBp. The price-earnings-ratio equals 8.06.

    Huge dividend BP

    Per share the analysts expect a dividend of 21 GBp per share. BP 's dividend yield thus equals 7.04 percent. The average dividend yield of the oil & gas producers equals an attractive 3.08 percent.

    Most recent target prices around 358 GBp

    The most recent recommendations for the oil & gas producer are from Jefferies & Co., Goldman Sachs and Morgan Stanley .

    Based on the current number of outstanding shares BP 's market capitalization 6036.28 billion GBp. The BP stock was the past 12 months quite volatile. Since last April the stock is 0 percent lower. This year the stock price moved between 189 and 377 GBp.

    Historical stock prices BP period 2007-2021

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    At 18.06 the stock trades 3.39 percent higher at 298.25 GBp. Nieuwsdienst: +31 084-0032-842

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