TNK-BP to Take Stake in Brazilian Oil and Gas Blocks

TNK-BP has signed a farm-out agreement with Petra Energia to acquire a 45% stake in 21 blocks of the Solimoes Basin in Brazil.

Most of the oil and gas blocks, which cover a 194km² area, are owned and operated by HRT O&G.

According to a reserves audit report, the assets will bring a net prospective and contingent resource of 783 million barrels of oil equivalent for the firm, including 11 discoveries where oil and gas was tested.

HRT will remain the operator of the blocks and TNK-BP will play a more active role during the development and production stages.

Initial production from the fields is expected to begin in 2012.