Sector News

Rosneft acquires 100% holding in Brazil prospect for $55million

October 13, 2015

Rosneft has closed a $55million deal to acquire PetroRio’s 55% in the Solimões project in Brazil.

The finalisation of the transaction will lead to Rosneft’s Brazil subsidiary receiving 100% control and full operatorship in the Solimões project to the company.

The deal will allow Rosneft to continue the exploration program in frontier areas, focused on oil opportunities, and advance joint work with national oil company Petrobras on the monetisation of proven gas resources. Rosneft said planning will now start on the commencement of operations before 2015 is out.

The company stated: “The Solimões project establishes Rosneft in Brazil, a country with major upstream growth opportunities and synergies with Rosneft operations in Venezuela.

“Rosneft has a vast experience in managing remote drilling and seismic operations, which the company will implement in the realisation of the Solimões project. Post exploration Rosneft expects to use its expertise in onshore production of oil and gas.”

By Phil Allan

Source: Energy Voice

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