TNK-BP buys 45 % in Brazil's Solimoes oil project

Jul 18, 2011 12:00 AM

Russian-British joint venture TNK-BP has signed an agreement with Brazil's Petro Energia to purchase 45 % in an oil and gas project in the country's Solimoes region, TNK-BP said.
The value of the deal will depend on production of the asset, which includes 21 exploration blocks covering an area of about 48,000 sq meters in the Solimoes basin of the Amazon River.

The expected reserves of the blocks, owned and operated by Brazil's HRT O&G, are estimated at 783 mm barrels of oil equivalent under an audit report of Degolyer & McNaughton. Production at the Solimoes Basin is to be launched in 2012.
"HRT will remain the operator of the Solimoes project, with TNK-BP playing a more active role during the development and production stages," TNK-BP said.

"Negotiations on this project are still ongoing and a number of additional agreements have to be negotiated with the Solimoes operator and majority partner, HRT.”
“Management hopes to have these agreements finalized before the end of August and submit the entire investment for board approval by September," TNK-BP Chief Executive Officer Mikhail Fridman was quoted as saying.

Market Research

The International Affairs Institute (IAI) and OCP Policy Center recently launched a new book: The Future of Natural Gas. Markets and Geopolitics.


The book is an in-depth analysis of some of the fastest moving gas markets, attempting to define the trends of a resource that will have a decisive role in shaping the global economy and modelling the geopolitical dynamics in the next decades.

Some of the top scholars in the energy sector have contributed to this volume such as Gonzalo Escribano, Director Energy and Climate Change Programme, Elcano Royal Institute, Madrid, Coby van der Linde, Director Clingendael International Energy Programme, The Hague and Houda Ben Jannet Allal, General Director Observatoire Méditerranéen de l’Energie (OME), Paris.

For only €32.50 you have your own copy of The Future of Natural Gas. Markets and Geopolitics. Click here to order now!


Upcoming Conferences
« June 2019 »
1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

Register to announce Your Event

View All Events