ANP approves Rosneft operatorship at Solimoes project onshore Brazil

Submitted by Paddy Harris on Mon, 2014-07-14 16:09

14th July 2014

Rosneft Brasil (Rosneft subsidiary) and HRT O&G (HRT subsidiary) have received approval by the Brazilian National Petroleum, Natural Gas and Biofuels Agency (ANP) for the Rosneft Brasil transaction to acquire additional 6 per cent in the Solimoes project

ANP approves Rosneft operatorship at Solimoes project onshore Brazil

The relevant transaction amounts to USD 96m

Under the agreement the completion of the purchase and transaction between HRTO&G and Rosneft Brasil shall occur up to 30 days after the regulatory approval.

The transaction will lead to Rosneft Brasil to receiving 51 per cent control and taking over the operatorship in the joint venture in the Solimoes basin.

The parties will continue exploration activities with respect to Solimoes project. Moreover Rosneft will acquire four heli-transportable rigs from HRT O&G.

The relevant transaction amounts to USD 96m.

The Solimoes project establishes Rosneft in Brazil, a country with major upstream growth opportunities and synergies with Rosneft operations in Venezuela.

Rosneft, HRT and Petrobras also agreed to study the possibility of gas monetisation in the basin.