Moscow, October 31, 2011 – TNK-Brasil (a 100% subsidiary of TNK-BP Group) announced today that it has signed a farm-in agreement and a joint operating agreement (JOA) with the Brazilian company HRT O&G.
Through the deal TNK-Brasil will acquire a 45% stake in the SolimoesBasin project in Brazil.
The 21 oil and gas exploration blocks, majority owned and operated by HRT O&G, cover an area of approximately 48,500 square kilometers, are located in the Amazon's Solimoes basin. According to a Degolyer & MacNaughton reserves audit report, the blocks bring TNK-BP a net prospective and contingent resource of 789 Million barrels of oil equivalent (BOEs). These include 11 discoveries, where oil and gas were tested. Initial production from the fields in the Solimoes basin is expected in 2012.
“We are pleased to have signed these agreements with HRT on the SolimoesBasin project, TNK-BP’s first venture in Brazil. The project will give us access to significant new resources in one of the world’s fastest growing markets. TNK-BP is looking forward to a long and successful business partnership with HRT, as well as to new opportunities to deepen our footprint in the region,” said Mikhail Fridman, Chief Executive Officer of TNK-BP.
The companies intend to hold a formal ceremony and press conference in Rio De Janeiro, Brazil on 1 November, 2011 to officially mark the start of their new partnership.