TNK-BP To Buy Stake In Brazilian Field

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TNK-BP, Russia's third-largest oil company, will acquire a stake in an oilfield in Brazil's Amazon region from HRT Participacoes. HRT paid $820 million in May to acquire a 49% stake in the field, which TNK-BP had previously tried to a stake in, but was rebuffed.

TNK-BP, the joint Russian venture of BP (BP), Europe's second-largest oil company, and oligarch investors, could announce its deal to acquire the stake from HRT within the next two or three weeks, Reuters reported, citing sources with knowledge of the transaction.

HRT is exploring for oil in the Amazon Solimoes Basin, with its first production expected in August, Reuters reported. The company also has exploration blocks in the African nation of Namibia. HRT is hoping to be pumping 100,000 barrels of oil per day by 2014.

TNK-BP claims the field has 2 billion barrels of resources, according to Russian press reports. Financial terms of the transaction with HRT were not disclosed.