ANP Approved the Transfer over the Blocks held by HRT

Source: www.gulfoilandgas.com 4/3/2012, Location: South America

HRT Participaçoes em Petroleo S.A announces that the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (Agencia Nacional do Petroleo, Gas Natural e Biocombustiveis - 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 Exploraçao e Produçao de Petroleo Ltda (“HRT O&G”) to TNK-Brasil Exploraçao e Produçao de Oleo e Gas Natural Ltda. (‘‘TNK-Brasil’’), related to the 21 blocks located in the Solimoes Sedimentary Basin.

“HRT is looking forward to building a strong and successful partnership with TNK-Brasil. The Solimoes 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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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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