The Brazilian subsidiary of Russia’s state oil giant Rosneft has been granted approval to acquire additional 6% in the Solimoes project, on the country’s border with Peru.
The $96million deal with Brazil’s independent explorer HRT will bump Rosneft’s shares in the project to 51% and hand it the operatorship in the joint venture in the Solimoes basin.
Rosneft will also acquire four heli-transportable rigs from HRT when the transaction is complete, following regulatory approvals.
“The Solimoes project establishes Rosneft in Brazil, a country with major upstream growth opportunities and synergies with Rosneft operations in Venezuela,” the company said in a statement.