Rosneft Brasil to Acquire Controlling Stakes in Solimoes Project

By Joseph R. Fonseca
Monday, July 14, 2014

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

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% 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 $96 mln.

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

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