The decision is not surprising given a challenging period for the company, which has struck out in finding crude in nearly a dozen wells in a costly and remote Amazon exploration programme in Brazil's Solimoes basin.
"The company considers that, given the timelines involved and the size of expected investments, it is an undertaking appropriate for the large oil companies of the world that have adequate financial and technical resources to assume the risks of a project of this complexity and scope," HRT said in a statement.
HRT,
