HRT seals $1bn TNK-BP deal

Done deal: Marcio Rocha Mella pens farm-out deal with TNK-BP

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By Eoin O'Cinneide

 31 October 2011 13:14 GMT

Brazil's HRT Participacoes has pushed through a long-mooted farm-out deal with TNK-BP for Amazonian assets in the Solimeos basin which could hit as much as $6 billion.

The Russian joint venture of UK supermajor BP is getting its hands on a large chunck of HRT's 21 blocks in the basin as a result of the deal confirmed by HRT in a statement on Monday.



HRT will get $1 billion from TNK-Brasil, the Brazilian offshoot of TNK-BP, over a two-year period with more possibly to come. In return TNK-Brasil gets a 45% slice of the concession right in the Solimeos basin covering a total of around 48,500 square kilometres.



TNK-Brasil is also to retain an option, exercisable…

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