October 31, 2011 7:38 PM
DLA, VE Advise on TNK-BP’s $1 Billion Brazilian Exploration Deal
Posted by Tom Huddleston Jr.
Moscow-based TNK-BP announced Monday that it will pay $1 billion for a 45 percent stake in the Solimões Basin project to pursue oil and gas deposits in the Amazon basin in Brazil.
The deal is the first in Brazil for TNK-BP, a joint venture between British oil giant BP and a consortium of Russian investors known as AAR. The company will pay Rio De Janeiro–based HRT Participacoes em Petroleo $1 billion over a two-year period for a share of 21 oil and gas exploration blocks that cover roughly 18,725 square miles, according to statements from TNK-BP and HRT.
TNK-BP will have the option of acquiring another 10 percent of the project, giving it a controlling stake, for an undetermined price within two
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