Rosneft Brazil assumes operatorship of Solimoes project

3/25/2014

Rosneft Brazil assumes operatorship of Solimoes project

MOSCOW -- Rosneft reports that its subsidiary, Rosneft Brazil, has signed final agreements with HRT subsidiary HRT O&G to acquire an additional 6% interest in the Solimoes project.

This will lead to Rosneft Brazil receiving 51% control and taking over the operatorship in the JV in the Solimoes basin.

The companies agreed that Rosneft and HRT will continue exploration activities with respect to the Solimoes project and also agreed the sale of four heli-transportable rigs to Rosneft.

The relevant transaction amounts to $96 million.

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