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Rosneft gets controlling stake in Solimoins project in Brazil

November 23, 2013, 3:57 UTC+3 23
Sechin said Rosneft was glad to expand its presence in such a promising project as Solimoins and hoped for fruitful and mutually beneficial cooperation with the HRT
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© ITAR-TASS/Rosneft

MOSCOW, November 23 (Itar-Tass) - Russia’s oil giant Rosneft has come to terms with Brazil’s HRT on acquiring an extra six-percent share package in the Solimoins project. As follows from Rosneft’s news release, the stake will be purchased from HRT O&G (an HRT affiliate) by Rosneft Brazil, a daughter company of Rosneft. Rosneft Brazil will control a 51- percent share in the Solimoins project and have the powers of project operator.

The contracting parties agreed to go ahead with joint exploration in the basin. Also, Rosneft will purchase four mobile drilling units from HRT O&G. The agreements were signed in Rio de Janeiro at a ceremony attended by Rosneft’s President Igor Sechin and HRT Milton Romeo Franke.

The parties agreed the basic conditions regarding the aforesaid deals. They plan to sign final accords by the end of January 2014. The purchase will be finalized on the condition of the necessary approvals, including the authorization of Brazil’s national agency for oil, gas and biofuel, Rosneft said.

Sechin said Rosneft was glad to expand its presence in such a promising project as Solimoins and hoped for fruitful and mutually beneficial cooperation with the HRT.

Franke said his company was determined to go ahead with cooperation with Rosneft as a world industry leader to develop and monetize the project’s considerable resources.”

Rosneft took over the project in Brazil after it purchased the TNK-BP. The latter signed a contract with the HRT to acquire a 45-percent stake in Solimoins in the autumn of 2011.

The project consists of 21 exploration areas in the basin of the Solimoins River (a tributary of the Amazon). According to Degolyer&MacNaughton, the 45-percent stake in the project is equivalent to surplus reserves of 789 million barrels of oil equivalent.

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