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HRT, Petrobras, TNK Set Six-Month Timeline for Amazon Gas Development

Date : 12/18/2012 @ 4:52AM
Source : Dow Jones News
Stock : Petro Rio S.A (HRP)
Quote : 0.73  0.0 (0.00%) @ 11:35AM
Petro Rio S.A share price Chart

HRT, Petrobras, TNK Set Six-Month Timeline for Amazon Gas Development

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BRASILIA--Brazilian oil company HRT Participacoes em Petroleo SA (HRTP3.BR, HRTPY), and partners Petrobras (PETR4.BR, PBR) and TNK-Brasil set a six-month timeline for joint development of gas fields in the Brazil's Amazon region, HRT said Monday.

The companies originally signed a protocol for development of gas projects in the Jurua field of Brazil's Solimoes basin in October.

HRT said the timeline for the agreement was finalized last week during a visit of Brazilian president Dilma Rousseff to Russia, where TNK-BP has offices.

HRT currently holds a 55% operating stake in 21 exploration blocks in Solimoes. TNK-Brasil, a subsidiary of BP PLC's (BP.LN, BP) Russian joint venture TNK-BP Ltd., holds the remaining 45% in that operation.

Petrobras currently operates the remote Urucu field that has produced natural gas not far from HRT's discoveries.

HRT shares ended 0.8% lower on Brazil's Bovespa stock exchange Monday at 4.96 Brazilian reais ($2.38). Petrobras shares ended 0.9% lower at BRL20.03.

Write to Gerald Jeffris at gerald.jeffris@dowjones.com

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