Rosneft ups stake, takes over operatorship of Solimoes project

OAO Rosneft reported that the Brazilian government has approved a transaction that would give Rosneft an additional 6% in a joint venture in the Solimoes basin for $96 million. The transaction would give Rosneft 51% interest and operatorship in the JV.

Completion of the purchase from Brazilian independent HRT O&G is expected within 30 days of the July 9 approval by Brazil’s National Petroleum Agency (ANP).

The JV covers concession contracts BT-SOL-4 and BT-SOL-4A. HRT O&G will hold 49% interest (OGJ Online, Mar. 19, 2013).

Separately, Rosneft, HRT, and Petroleo Brasileiro SA (Petrobras) signed a memorandum of understanding to study “development schemes” for joint monetization of gas in the Solimoes basin.