TNK-BP to join Brazil Solimoes basin exploration

By OGJ editors

The Brazilian subsidiary of TNK-BP of Russia will become a 45% partner with a unit of HRT Petroleum, Rio de Janeiro, in 21 exploratory blocks in the Solimoes basin in northwestern Brazil.

HRT will remain operator of the blocks. TNK-Brazil Exploration & Production Oil & Gas Natural Ltda. will acquire its interest after Brazil’s National Petroleum Agency ANP approves transfer of the concession rights from Petra Energy SA.

Once the rights are transferred, HRT said it will receive $1 billion from TNK-Brazil over 2 years. TNK-Brazil will also reimburse HRT past costs and make future payments of as much as $5 billion for 10 years from the approval of the transfer by the ANP, HRT said.

The blocks, on which several exploratory wells have encountered hydrocarbons, total 48,500 sq km (see map, OGJ, Mar. 7, 2011, p. 54).

TNK-Brazil will have the option, exercisable from 30 months from ANP’s approval of the transfer, to acquire a further 10% interest in HRT’s Solimoes concession rights at a consideration to be based on reserve and resource values.

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