Deal Insight
TNK-BP acquires HRT Oil & Gas interest in the Solimões Basin
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Report summary
TNK-BP is to acquire Petra Energia's position in Brazil's Solimões Basin, comprising a 45% stake in 21 exploration blocks located deep in the Amazonas. The transaction has been expected after the operator of the acreage, HRT Oil & Gas (HRT), in May 2011 elected to exercise its right, agreed as part of a previous deal, to sell Petra's stake to a third party. Under the agreed terms, HRT will receive US$1 billion from TNK-BP over a two year period. In addition, TNK-BP ...
Table of contents
- Executive summary
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Transaction details
- Background
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Upstream assets
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Solimões Basin
- HRT will drive the basin's growth
- Risks and challenges remain
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Solimões Basin
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Strategic rationale
- TNK-BP: continued expansion into Latin America
- Petra Energia: company compelled to sell following prior agreement with HRT
Tables and charts
This report includes 3 images and tables including:
- Implied valuation (gross) of HRT-operated Solimoes Basin acreage
- Brazil top ten acreage holders (post deal)
- HRT Solimoes Basin acreage
What's included
This report contains:
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