TNK, HRT Sign $1 Billion Deal

TNK-Brasil, subsidiary of TNK-BP Group, has signed a farm-in agreement and a joint operating agreement with HRT O&G to obtain a 45 percent stake in the Solimoes Basin project in Brazil. The 21 oil and exploratory blocks, which span 48,500 square kilometers, are located in Amazon’s Solimoes basin. HRT O&G own and operate the majority of the blocks.

This acquisition will bring TNK-BP a net prospective and contingent resource of 789 MMboe. These include 11 discoveries, where oil and gas were tested, with initial production from the fields slated for 2012.

“We are pleased to have signed these agreements with HRT on the Solimoes Basin project, TNK-BP's first venture in Brazil. The project will give us access to significant new resources in one of the world’s fastest growing markets. TNK-BP looks forward to a long and successful business partnership with HRT, as well as to new opportunities to deepen our footprint in the region," said Mikhail Fridman, Chief Executive Officer of TNK-BP.

A formal ceremony and press conference will be held in Rio de Janeiro, Brazil, on November 1 to mark the beginning of their new partnership.