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MOSCOW, October 31 (Itar-Tass) —— TNK-Brasil (a 100 percent subsidiary of TNK-BP Group) announced today that it has signed a farm-in agreement and a joint operating agreement (JOA) with the Brazilian company HRT O&G. Through the deal TNK-Brasil will acquire a 45 percent stake in the Solimoes Basin project in Brazil, the Russian company said on Monday, October 31.
The 21 oil and gas exploration blocks, majority owned and operated by HRT O&G, cover an area of approximately 48,500 square kilometres, are located in the Amazon's 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 11 discoveries, where oil and gas were tested. Initial production from the fields in the Solimoes basin is expected in 2012.
“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 Chief Executive Officer, said.
The companies intend to hold a formal ceremony and press conference in Rio De Janeiro, Brazil on November 1, 2011 to officially mark the start of their new partnership.
TNK-BP is Russia’s third largest oil company, 50 percent held by BP and 50 percent held by the AAR Consortium (Alfa Group, Access Industries, and Renova). TNK-BP also owns close to 50 percent of another Russian oil and gas company, Slavneft. TNK-BP accounts for approximately 16 percent of Russia’s production (including its share of Slavneft). SEC proved reserves (life of field basis) were 8.794 billion boe as of December 31, 2010.