HRT, TNK-Brasil and Petrobras sign an Amendment to the Letter of Intent for the monetization of the natural gas in Solimões
Tuesday, Dec 18, 2012
RIO DE JANEIRO, Dec. 17, 2012 /CNW/ - HRT Participações em Petróleo S.A. (the "Company" or "HRT") (BM&FBOVESPA: HRTP3, TSX-V: HRP) announces that its subsidiary HRT O&G Exploração e Produção de Petróleo Ltda. ("HRT O&G"), Petróleo Brasileiro S.A. ("Petrobras") and TNK-Brasil Exploração e Produção de Óleo e Gás Natural Ltda. ("TNK-Brasil") signed an Amendment to the Work Plan of the Letter of Intent ("LOI") for the gas monetization in the Solimões Basin.
The LOI signed on October 15, 2012 has now been amended to introduce the work plan agreed to amongst the companies, which will be further matured over the next six months, starting January 2013. The signature occurred during the recent visit of President Dilma Rousseff to Moscow, where TNK-BP also has its headquarters.
The activities to be developed include: (1) evaluation of the natural gas
resources within the study area, (2) engineering, environmental and logistics studies required to bring the natural gas to market, (3) the technical alternatives to monetize the gas, the markets for such gas and the local logistics of those markets, (4) economic evaluation of the studied alternatives and (5), the administrative aspects of the work plan.
"Our technical team is honored and encouraged to participate along with
Petrobras in this project that is deemed so important to Brasil " said Marcio Rocha Mello and Michael Morgan, from HRT and TNK-Brasil.
HRT is exploring the Solimões Basin in partnership with TNK-Brasil, a subsidiary of TNK-BP.
HRT Participações holds one of the largest independent oil and gas exploration and production companies in Brazil. The HRT Group comprises eight main subsidiaries: IPEX (Integrated Petroleum Expertise Company Serviços em Petróleo Ltda.), HRT O&G Exploração e Produção de Petróleo Ltda., HRT Netherlands B.V., HRT África Petróleo S.A., HRT América Inc., Air Amazonia Serviços Aéreos Ltda. and HRT Canada Inc.. The Company retains a 55% interest in 21 exploratory blocks in the Solimões Basin. HRT also operates ten exploratory blocks off the Namibian coast: eight blocks in the Orange Sub-basin and two blocks in the Walvis Sub-basin. HRT's team includes PHDs and masters in geochemistry, geophysics, biology and engineering, most of them former employees of Petrobras and ANP (Brazil petroleum agency). HRT is committed to minimizing any possible environmental impacts in the sites where it acts. Our commitment to the local communities is towards health conditions, safety and quality of life. For more information, please visit the Company's website: www.hrt.com.br/ir.
SOURCE HRT Participações em Petróleo S.A.
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