HRT, Petrobras, TNK Set Six-Month Timeline for Amazon Gas Development

BRASILIA - Brazilian oil company HRT Participacoes em Petroleo SA, and partners Petrobras and TNK-Brasil set a six-month timeline for joint development of gas fields in the Brazil's Amazon region, HRT said Monday.

The companies originally signed a protocol for development of gas projects in the Jurua field of Brazil's Solimoes basin in October.

HRT said the timeline for the agreement was finalized last week during a visit of Brazilian president Dilma Rousseff to Russia, where TNK-BP has offices.

HRT currently holds a 55% operating stake in 21 exploration blocks in Solimoes. TNK-Brasil, a subsidiary of BP PLC's Russian joint venture TNK-BP Ltd., holds the remaining 45% in that operation.

Petrobras currently operates the remote Urucu field that has produced natural gas not far from HRT's discoveries.

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

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