Support The Moscow Times!

TNK-BP Signs Brazil Deal

TNK-BP agreed to pay $1 billion for a 45 percent stake in HRT Participacoes em Petroleo's Amazon fields and took an option for an additional 10 percent stake once the deal is approved.

TNK-BP can buy the extra stake 30 months after the deal is authorized by Brazil's regulators, HRT said Monday. The stakes are in 21 exploration blocks in the Amazon's Solimoes Basin.

HRT began exploring Solimoes earlier this year and is building pipelines to transport oil and natural gas to markets closer to Brazil's coast. TNK-BP also signed a joint operating agreement with HRT to develop the exploration areas, it said. The accord gives TNK-BP 789 million barrels of potential oil and natural gas resources.


Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

Please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world's largest country.