Press Esc to close

WorldOil

World Oil News Center



Rosneft Brazil Ups stake and takes over operatorship in Solimoes project

RIO DE JANEIRO -- Rosneft said that its subsidiary Rosneft Brazil signed an agreement and related preliminary documentation with HRT subsidiary HRT O&G to acquire additional 6% in the Solimoes project. This will lead to Rosneft Brazil receiving 51% control and taking over the operatorship in the joint venture in the Solimoes basin. The companies agreed that Rosneft and HRT will continue exploration activities with respect to Solimoes project and also agreed the sale of four heli-transportable rigs to Rosneft.

The documents were signed in Rio de Janeiro in the presence of Igor Sechin, Rosneft President and Chairman of the Management Board, and Milton Franke, CEO of HRT.

The parties have agreed key terms for each of the abovementioned transactions and expect to sign definite agreements by the end of January 2014. The completion of the sale and purchase transaction between the companies shall be subject to the fulfillment of certain conditions, including the approval by the Brazilian National Petroleum, Natural Gas and Biofuels Agency (ANP).

Commenting on the agreements reached, Igor Sechin said: “We are pleased to increase our stake in promising Solimoes project and hope to continue fruitful and mutually beneficial cooperation with our partners from HRT as part of this project implementation”.

Milton Franke highlighted: “We are pleased to have reached this agreement with Rosneft on our joint activities in the Solimoes and look forward to working together with a global industry leader to further mature and monetize the project’s substantial resources”.

11/26/2013

 

Bookmark and Share


WO DATA HUB

EngineeringTablesIcon-Large

Engineering Data Tables

World Oil's specialized upstream Engineering Data Tables featuring the Drill Bit Classifier, Tubing Tables and more. Get Total Access today.

WO SUPPLEMENTS

2013 Fracturing Technology

2013 Fracturing Technology

MEDIA CENTER

By Digital Publisher

Drill Bit Classifier World Oil published its renowned Drill Bit Classifier in September 2013. The Drill Bit Classifier is a comprehensive listing of major manufacturers' d...

ENERGY EVENTS