Major oil producers are beginning to confront the need to develop offshore prospects in Brazil, or lose them.
Total SA and BP Plc are starting to search the market for drilling rigs, helicopters and support vessels for deepwater Brazilian fields even as the industry endures its worst downturn in a generation, three people involved in the projects said.
Forced by requirements that they either drill on the offshore blocks they snapped up during a record $1.4 billion permits sale in 2013 or face fines and the loss of exploration rights, some producers are deciding to move forward, said the people, who asked not to be named because the development plans aren’t public. The license holders also include Royal Dutch Shell Plc, which is taking over a license as part of its BG Group Plc acquisition, and Exxon Mobil Corp.
Brazil Energy Insight 
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