Russia’s Rosneft Takes Control over Brazil’s Solimoes Project

November 25, 2013

Rosneft announces that its subsidiary Rosneft Brazil on November 22 signed an agreement and related preliminary documentation with HRT subsidiary HRT O&G to acquire additional 6% in the Solimoes project. This will lead to Rosneft Brazil receiving 51% control and taking over the operatorship in the joint venture in the Solimoes basin. The companies agreed that Rosneft and HRT will continue exploration activities with respect to Solimoes project and also agreed the sale of four heli-transportable rigs to Rosneft.

The documents were signed today in Rio de Janeiro in the presence of Igor Sechin, Rosneft President and Chairman of the Management Board, and Milton Franke, CEO of HRT.

The parties have agreed key terms for each of the abovementioned transactions and expect to sign definite agreements by the end of January 2014. The completion of the sale and purchase transaction between the companies shall be subject to the fulfillment of certain conditions, including the approval by the Brazilian National Petroleum, Natural Gas and Biofuels Agency (ANP).

Source: Rosneft Press Office, 2013