TNK-BP, Russia’s third-largest oil producer, gained approval from Brazil’s petroleum regulator to conclude a $1 billion deal with HRT Participacoes em Petroleo SA to explore for oil in the Latin American country.
The regulator, known as ANP, will allow TNK-BP’s local unit to buy 45 percent of 21 blocks in the Solimoes Basin from HRT, according to statements from both the Brazilian and Russian companies.
“TNK-BP’s growth strategy foresees the company’s transformation into a leading private oil and gas company both inside and outside of Russia,” TNK-BP’s billionaire Chief Executive Officer Mikhail Fridman said in the statement.
The approval gives BP Plc (BP/)’s Russian venture with a group of billionaires access to its third strategic area for expansion abroad after closing deals in Vietnam and Venezuela. TNK-BP agreed in October to pay $1 billion for a 45 percent stake in HRT’s Solimoes block, with an option for an additional 10 percent.
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