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.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

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

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Scottish Government Reveals New Subsea... (Jan 20)
 -  SOFF Secures Services Contract for Jan... (Jan 20)
 -  NPD Grants Lundin Permit for Appraisal... (Jan 20)
 -  Lion: AMT-1 Well Abandoned After Stuck... (Jan 20)
 -  Unite: Workers 'Deeply Unhappy' About ... (Jan 20)


Most Popular Articles

From the Career Center
Jobs that may interest you
Business Development Analyst
Expertise: Business Analyst|Business Development
Location: Chesapeake, VA
 
Attorney I
Expertise: Contracts Administration|Legal
Location: Houston, 
 
Project Engineer/Project Manager
Expertise: Project Management
Location: Baton Rouge, 
 
search for more jobs

Brent Crude Oil : $55.49/BBL 2.45%
Light Crude Oil : $52.42/BBL 2.04%
Natural Gas : $3.2/MMBtu 5.04%
Updated in last 24 hours