HRT Amazon Study With Petrobras Includes Pipeline, LNG

Source: Bloomberg 10/23/2012, Location: South America

HRT Participacoes em Petroleo SA, the oil startup exploring in the Amazon and Namibia, said a plan to collaborate with Petroleo Brasileiro SA may include sharing a pipeline and building power and fertilizer plants to make money from gas deposits.

HRT and Petrobras, as Brazil’s state-controlled oil company is known, are also considering developing liquefied natural gas and gas-to-liquids projects to “monetize” gas discoveries in the Solimoes Basin in Brazil’s Amazon region, HRT Chief Financial Officer Carlos Tersandro Adeodato said in an e- mailed response to questions.

HRT has risen 32 percent since announcing on Oct. 15 a letter of intent with Petrobras to collaborate on gas projects in the Jurua area of Solimoes where both companies have made discoveries. The announcement had no specific information about the project. Petrobras has the only natural gas pipeline in the area, where it has been producing oil for more than two decades. Both companies are based in Rio.

“The objective is to optimize investments and logistics for all,” Adeodato said. The agreement with Petrobras has “been considered good news by the market.”

A working group comprised of HRT, Petrobras and TNK-BP Ltd. officials will evaluate which collaboration options are feasible, according to an HRT statement.

Stock Rises
HRT plans to release next year a report on its reserves in Solimoes to be compiled by oil auditing firm Degolyer & MacNaughton Corp., he said. HRT erased losses to rise 2.4 percent to 5.95 reais at 3:44 p.m. in Sao Paulo, paring its loss this year to 48 percent. Petrobras slid 2.1 percent to 21.59 reais.

The two companies will study the technical, economic and environmental viability of gas projects in Solimoes, Petrobras said in an e-mailed response to questions.


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