18 Jul 2011 16:54

TNK-BP inks deal with Petra Energia for 45% of Solimoins project in Brazil

MOSCOW. July 18 (Interfax) - TNK-BP has signed with Petra Energia an agreement on the acquisition of a 45% stake in an oil and gas project in the Brazilian region of Solimoins, TNK-BP reported.

According to this agreement, the deal price tag will depend on the volume of extraction by assets. HRT remains the project operator, and TNK-BP will play an active role in the development and production phases.

"The terms necessary for closing the deal are the achievement of final agreement between TNK-BP and HRT relative to the operating part of the project, approval of the deal by both companies' boards of directors, and also the receipt of approval from Brazilian state regulators," the statement says.