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TNK-BP seals business negotiations with HRT

The two oil companies have agreed a deal that will see the TNK-BP take a 45 per cent stake in a HRT-operated project.

01 November 2011

Anglo-Russian company TNK-BP has agreed a deal to take a 45 per cent stake in oil and gas projects in the Solimoyns region of Brazil.

The group has completed business negotiations with HRT over the investment, which is valued at $1 billion (£622 million).

Some 21 exploration sites located in an area of about 48,500 sq m will now come under the minority ownership of TNK-BP, which is the third largest oil company in Russia.

Production is set to get underway at the fields in 2012 and it is expected up to 789 million barrels of oil will be developed.

Mikhail Fridman, chief executive officer of TNK-BP - which was formed in 2003 - said: "This project will [give] the company access to new resources that are located in one of the largest and fastest-growing economies in the world."

Expert sales negotiations may have taken place in order to ensure all parties arrived at a suitable deal.

Posted by Ron Maverick

Source: TNK-BP press release, October 31st

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