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.
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