BP PLC's (BP) Russian joint venture TNK-BP Ltd. (TNBP.RS) has signed a deal to join the Solimoes Basin project in Brazil's Amazon forest, but still awaits regulatory and board approval, the company said Monday.
BP PLC's (BP) Russian joint venture TNK-BP Ltd. (TNBP.RS) has signed a
deal to join the Solimoes Basin project in Brazil's Amazon forest, but still
awaits regulatory and board approval, the company said Monday.
TNK-BP has agreed to buy a 45% stake in 21 oil and gas exploration blocks in
the
Solimoes
Basin
from
Petra Energia and become partner with HRT Participacoes em Petroleo SA
(HRTP3.BR), the company said.
Under the so-called farm-out agreement signed with Petra Energia, the value of
the transaction will depend on the future performance of the asset, TNK-BP
said.
HRT will remain operator of the project "with TNK-BP playing a more active
role during the development and production stages," the Anglo-Russian
company said.
"Negotiations on this project are still ongoing and a number of additional
agreements have to be negotiated with the Solimoes operator and majority
partner HRT," TNK-BP Chief Executive Mikhail Fridman said.
"Management hopes to have these agreements finalized before the end of
August and submit the entire investment for board approval by September,"
he added.
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