HRT Concluded of the Solimoes Gas Monetization Study

Source: www.gulfoilandgas.com 9/2/2013, Location: South America

HRT Participaces em Petrleo S.A. announces that the Study Group of the Solimes Gas Monetization Project, composed of representatives of HRT, Rosneft and Petrobras, at a meeting held on August 30th, 2013, approved the Final Report of the project, which relied on the support of Gas Energy and Petrofac consulting firms.

The study confirmed the major challenges involved to implement a project of such extent, of long-term and capital-intensive nature, due to the large size and the complexity of the logistics in the Amazon region. The study indicated that there are viable alternatives for gas monetization, such as LNG (Liquefied Natural Gas) and electric-power generation alternatives through thermoelectric power plants. In addition to the identification of the best monetization options, the Study Group also concluded that the increase in volumes will offer substantial gains in profitability.

The Company will now pursue strategic partnerships to develop the projects of natural gas liquefaction and trading and/or installation of thermoelectric power plants in the region.

Structures involving possible agreements and partnerships will be also subject to the evaluation of the Special Committee of the Board of Directors. The referred Committee is currently evaluating inorganic development options, strategic combinations or sources of further capital for the Company.

Concurrently, the Study Group decided to follow through with the studies performed, seeking the optimization of the selected viable alternatives by the repositioning of the production facilities, and incorporating new potential gas discoveries with their current volume increase, apart from the changes in the production profiles.

In conclusion, HRT believes that the project has brought significant findings that will serve as input into a new stage.

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