TNK-BP Strikes $1bn HRT Deal

TNK-BP Strikes $1bn HRT Deal

Brazil Europe M&A

Anglo-Russian oil company TNK-BP has agreed to pay $1.0bn to Brazilian oil company HRT Participacoes em Petroleo for a 45% stake in an oil exploration concession located in the Solimoes basin. HRT plans to sell the 21-block concession rights to TNK-BP as soon as it finalizes the acquisition of these same rights from Petra Energia, the original owner. Under the terms of the deal, TNK-BP will pay HRT $1bn over a two-year period and an additional $0.73 for every barrel of proved and probable oil re

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