Rosneft Seals $55M Deal for Petro Rio's Stake in Brazil's Solimoes Project

Russia's Rosneft announced Tuesday that its 100 percent subsidiary Rosneft Brasil has closed a transaction to acquire Petro Rio S.A.'s 55 percent stake in the Solimoes project in Brazil after receiving formal approval from the Agencia Nacional do Petroleo, Gas Natural e Biocombustiveis – Brazil (ANP).

The finalization of the $55 million transaction will enable Rosneft Brasil to take full control and operatorship of the Solimoes project.

"The acquisition of the remaining interest in the Solimoes Project will allow Rosneft Brazil to continue the exploration program in frontier areas, focused on oil opportunities, and advance joint work with Petrobras on the monetization of proven gas resources. Planning will now start on the commencement of operations before 2015 is out," Rosneft said in the press release.

The Solimoes project is spread over 16 license blocks and cover an area of around 16,023 square miles (41,500 square kilometers).

The blocks contained 11 discovered accumulations of hydrocarbons, which D&M estimated to hold 717 million barrels of oil equivalent (boe) of 3C contingent resources (of which 95 percent is natural gas) and prospective oil and gas resources of 1, 005 million barrels and 800 boe, respectively.

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