TNK-BP Signs Agreement with Petra

TNK-BP Signs Agreement with Petra

Brazil Europe M&A

TNK-BP, the Russia-based oil company, has signed a farm-out agreement with Petra Energia for the acquisition of a 45% stake in 21 blocks in the Brazilian Solimoes Basin. The 21 oil and gas exploration blocks are majority owned and operated by HRT O&G. They cover an area of approximately 48,000 km2, and are located in the Amazon’s Solimoes basin. HRT also has a call option to acquire the stake for itself at a cost of BRL1.3bn ($824m). The blocks have a net prospective and contingent resource

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