TNK-BP confirms deal to buy 45-% stake in Brazilian exploration blocks for $1 bn
01 Nov 2011
Anglo-Russian oil firm TNK-BP yesterday closed a deal to buy a 45 per cent stake in several Amazon oil-exploration blocks from Brazil's HRT Participações em Petróleo SA for $1 billion.
The deal, which had been under negotiations, will lead to the biggest upstream overseas investment by TNK-BP. (See: TNK-BP close to buying 45-% stake in 21 Brazilian exploration blocks for $1 bn)
Under the terms of the deal, TNK-Brasil, a wholly-owned subsidiary of TNK-BP will buy the 21 oil and gas exploration blocks in Solimoes Basin project that is majority owned and operated by HRT.
TNK-Brasil announced that it has signed a farm-in agreement and a joint operating agreement with the Brazilian company HRT O&G, to acquire a 45 per cent stake in the Solimoes Basin project in Brazil.
The Solimoes Basin project, located in the Amazon's Solimoes basin, covers an area of approximately 48,500km.
The blocks bring TNK-BP a net prospective and contingent resource of 789 million barrels of oil equivalent (BOEs). These include 11 discoveries, where oil and gas were tested. Initial production from the fields in the Solimoes basin is expected in 2012.
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