ANP approved the transfer of rights and obligations over the blocks held by HRT O&G to TNK-Brasil

abarrelfullabarrelfull wrote on 05 Apr 2012 06:13
Tags: brazil deals hrt s-america tnk-bp upstream

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HRT Participações em Petróleo S.A. (the “Company” or “HRT”) (BM&FBOVESPA: HRTP3, TSX-V: HRP) announces that the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (Agência Nacional do Petróleo, Gás Natural e Biocombustíveis - ANP) (“ANP”) informed on April 02, 2012 that, in an executive board meeting held on March 28, 2012, it approved the concession rights and obligations transfer of 45% participating interest from HRT O&G Exploração e Produção de Petróleo Ltda (“HRT O&G”) to TNK-Brasil Exploração e Produção de Óleo e Gás Natural Ltda. (‘‘TNK-Brasil’’), related to the 21 blocks located in the Solimões Sedimentary Basin.

“HRT is looking forward to building a strong and successful partnership with TNK-Brasil. The Solimões Project will benefit from their experience and expertise developed in Russia and from lessons learnt from developments in Siberia with similar logistical challenges” mentioned Marcio Rocha Mello, CEO of HRT.

“We are pleased that the Brazilian authorities have approved our agreement with HRT and this significant deal is now closed. Our international operations play an important role in our portfolio. TNK-BP’s growth strategy foresees the company’s transformation into a leading private oil and gas company, both inside and outside of Russia” said Mikhail Fridman, Chief Executive Officer of TNK-BP.

Building on the foundation that HRT has established, the two companies will move forward with an exploration program in the Amazon region, keeping the best practice environmental standards as a key priority.

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