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Rosneft Takes Control Over Brazilian Solimoes Project
25.11.2013 11:23
Rosneft Takes Control Over Brazilian Solimoes Project
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Rosneft Brazil is expected to get a 51 percent control over joint venture HRT O&G in the Solimoes basin after a purchase of an additional 6 percent, says an official statement by Rosneft.

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

      According to the press release, 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.

      “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,” Igor Sechin said.

      “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,” said Milton Franke.

      Rosneft has become the world's leading publicly traded oil producer after it took over BP's Russian venture TNK-BP for $55 billion in March 2013. Rosneft has a vast and high-quality reserve base, with total proved hydrocarbon reserves of 22.8 bln barrels of oil equivalent – among the best indicators for a global publicly traded oil and gas company. Moreover, Rosneft is second-to-none on an international scale in terms of total proved liquid hydrocarbon reserves. The company’s proved reserve-to-production ratio is 25 years.



Author: Mikhail Vesely

Tags: Rosneft Russian oil companies    

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