TNK-BP inks deal with HRT for 45% of Solimoes project in Brazil
MOSCOW. Oct 31 (Interfax) - TNK-BP subsidiary TNK-Brazil has signed a farm-in agreement and joint operating agreement with Brazilian company HRT O&G for 45% in the Solimoes Basin oil and gas project in the South American country, a TNK-BP statement says.
The twenty-one oil and gas containing exploration blocks, which are majority owned and operated by HRT O&G, spread over roughly 48,500 square kilometers in the Amazon Solimoes Basin.
"According to a Degolyer & MacNaughton reserves audit report, the blocks bring TNK-BP a net prospective and contingent resource of 789 Million barrels of oil equivalent (BOEs). These include eleven discoveries, where oil and gas were tested. Initial production from the fields in the Solimoes Basin is expected in 2012," the statement says.
"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 is looking forward to a long and successful business partnership with HRT, as well as to new opportunities to deepen our footprint in the region," Mikhail Fridman, TNK-BP''s CEO, is quoted in the statement as saying.
The two companies plan to hold a formal ceremony and press conference in Rio De Janeiro to officially mark the beginning of their new partnership on Tuesday, November 1, the statement says.