TNK-BP buys 45 % stake in Brazilian oil

Russian-British oil joint venture TNK-BP has bought a 45 percent stake in an oil and gas deposit in Brazil from local firm HRT O&G for an undisclosed sum, TNK-BP said in a statement on Monday. "TNK-Brasil, a 100 percent subsidiary of TNK-BP Group, announced today that it has signed a farm-in agreement and a joint operating agreement with the Brazilian company HRT O&G. Through the deal TNK-Brasil will acquire a 45 percent stake in the Solimoes Basin project in Brazil," the firm said. The 21 oil and gas exploration blocks covering an area of about 48,500 square kilometers are located in the Amazon's Solimoes basin. "According to a Degolyer & MacNaughton reserves audit report, the blocks bring TNK-BP a net prospective and contingent resource of 789 million barrels of oil equivalent (BOEs). These include 11 discoveries where oil and gas were tested. Initial production from the fields in the Solimoes basin is expected in 2012," the firm said. The project will give TNK-BP access to significant new resources in one of the world’s fastest growing markets, TNK-BP said.