ANP Approves Transfer of Polvo to HRT

Source: www.gulfoilandgas.com 12/23/2013, Location: South America

HRT Participacoes em Petroleo S.A., together with its wholly-owned subsidiary, HRT Oil & Gas Ltda, that it acknowledged the approval, through the Official Letter no 1397/2013/SEP, given on December 18th, 2013, of the request for the Assignment of Interests regarding a 60% participating interest in the Polvo Field from BP Energy do Brasil Ltda ("BP") to HRT O&G by the National Petroleum, Natural Gas and Biofuels Agency (ANP).

The purchase and sale agreement (PSA) between HRT and BP for the acquisition of a 60% interest in the Polvo Field, in the amount of US$ 135 million, was signed on May 6th, 2013. Furthermore, the completion of the PSA, which also encompasses the acquisition of 100% interest in the company that holds the Polvo A fixed platform, and a 3,000 HP drilling rig, was subject to certain preceding conditions, among them, the ANP`s final approval. Upon completion, which is expected to occur in the first half of January, 2014, HRTO&G will become the operator of the Polvo Field.

Since the signature of the purchase agreement, both Companies commenced the operation transition preparedness, so that the final transfer could be made in a gradual, continuous and integrated manner, while keeping the safety, performance and quality standards. HRT`s operational team is in place and ready to commence operations from completion.

The Company`s strategies include the drilling of two new development wells, which will enable to increase the production of undeveloped proven and probable reserves. Therefore, the drilling of the first well is expected to commence during the second half of 2014.

"The acquisition of part of the Polvo Field drives HRT to a new stage, now operational, as an oil producing company, and such fact is a great milestone in the history of HRT and in the implementation of the strategy to diversify the Company`s portfolio", highlighted Milton Franke, CEO of HRT.

For more information about related Opportunities and Key Players visit Brazil Oil and Gas Projects


Sweden >>  7/5/2022 - Eolus has signed an agreement with DalaVind AB to expand its participating interest in the Fageråsen wind power project to 49%. Together, the companie...
Ethiopia >>  7/4/2022 - Yara has signed a Share Purchase Agreement with XLR Enterprises Limited to sell its ownership interest in the Dallol mining project in Ethiopia. The D...

Nigeria >>  7/1/2022 - ADM Energy PLC, a natural resources investing company, provides an update on the legal proceedings in respect of its interest in the Barracuda oil fie...
Norway >>  7/1/2022 - Rex International Holding Limited (“Rex International Holding”, “Rex” or the “Company”, and together with its subsidiaries, the “Group”), a technology...

Norway >>  7/1/2022 - The farmin agreement with OMV (Norge) AS ("OMV"), which was first announced on May 9, 2022, has now been concluded, according to Longboat Energy, an u...
United States >>  7/1/2022 - - Transaction drives value through significant synergistic opportunities and alignment with BKV's sustainability initiatives outlined in its 2021 repo...

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 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.