September 30, 2011
HRT Participacoes is in continuing talks to sell a 45% stake in its Solimoe
HRT Participacoes is in continuing talks to sell a 45% stake in its Solimoes Basin exploration blocks to BP's Russian joint venture TNK-BP. The value of the stake has been estimated at $700m-$1bn. Officials at the Brazilian E&P company decline to comment on the value, saying only that discussions are ongoing. The stake being negotiated represents 21 blocks of the position HRT acquired from Petra Energia in May. An agreement is expected to be signed in the next few weeks.