ANP Approves Amazon Deal with TNK-BP

ANP Approves Amazon Deal with TNK-BP

RIO DE JANEIRO - Brazilian oil startup HRT Participacoes em Petroleo SA said Tuesday that local regulators approved the company's deal to sell a stake in Amazon rainforest exploration blocks to BP PLC's Russian joint venture TNK-BP Ltd.

In a regulatory filing, HRT said that Brazil's National Petroleum Agency, or ANP, approved the deal on March 28. TNK-Brasil Exploracao de Producao de Oleo e Gas Natural Ltda. will acquire a 45% stake in 21 exploration blocks in the Solimoes Basin for about $1 billion, according to previously released terms of the deal.

"HRT seeks to build a solid and successful partnership with TNK-Brasil," HRT Chief Executive Marcio Rocha Mello said in the statement. "The Solimoes project will benefit from the experience and expertise developed in Russia and the lessons learned through projects in Siberia, which share similar logistic challenges."

HRT operates the blocks with a 55% stake. HRT officials say the blocks contain potential reserves of between 4 billion and 6 billion barrels of light oil and between 10 trillion and 20 trillion cubic feet of natural gas.

Copyright (c) 2012 Dow Jones & Company, Inc.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
Health & Safety Compliance Specialist III
Expertise: Environmental, Safety & Training|HSE Manager / Advisor|Regulatory Compliance
Location: Ignacio, CO
 
Account Manager - Levelland/Lubbock, TX Area
Expertise: Business Development|Production Operator
Location: Lubbock, tx
 
Project Coordinator, Pipeline Construction
Expertise: Project Management
Location: Spring, TX
 
search for more jobs

Brent Crude Oil : $50.56/BBL 0.15%
Light Crude Oil : $47.7/BBL 0.70%
Natural Gas : $3.05/MMBtu 1.32%
Updated in last 24 hours