HRT, Petrobras Sign Amazon Gas Accord (Brazil)

HRT Participações em Petróleo S.A. announced that its subsidiary HRT O&G Exploração e Produção de Petróleo, Petróleo Brasileiro S.A. and TNK-Brasil Exploração e Produção de Óleo e Gás Natural signed a Letter of Intent for the gas monetization in the Solimões Basin.

The LOI was signed by the CEO of Petrobras, Ms. Maria das Graças Silva Foster, the CEO of HRT, Mr. Marcio Rocha Mello and the President of TNK-Brasil, Mr. George Michael Morgan, at the presence of Mr. Edison Lobão, Ministry of Mines and Energy of Brazil and Mr. Omar Aziz, Governor of the State of Amazonas.

The objective of this LOI is to combine efforts to appraise the feasibility on technical, economic, environmental, financial, legal and regulatory, as well as tax aspects for the implementation of the natural gas monetization with regards to concessions in contiguous areas to the Juruá Field.

The LOI envisages developing a work plan within 30 days which will define the activities and timetable for the project. The LOI will be effective for a period of 6 months and may be extended upon Amendment. It does not entail an obligation to enter into future businesses.

“The collaboration of efforts and expertise of the three companies, with the support of the government of the State of Amazonas and the Federal Government represent an important step in the development of the natural gas industry of Brazil and consolidates the HRT and TNK-Brasil progress in the strategy to monetize their assets in the Solimões Basin”, mentioned Marcio Rocha Mello, Chief Executive Officer of HRT.

[mappress]
LNG World News Staff, October 24, 2012