Petro Rio S.A (TSXV:HRP)
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5 Years : From May 2011 to May 2016
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.
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