Wednesday 8 July 2015

Rosneft to get 100% control of oil project in Brazil

Rosneft is to get 100% control of an oil project in Brazil.

The Russian energy giant's subsidiary in Brazil will buy 55% shares of the Solimoes project from brazilian company PetroRio.

The transaction has been approved by the Brazilian National Petroleum, Natural Gas and Biofuels Agency (ANP).

The Solimões project, located in the Amazonas, has an estimated 717 million barrels of oil equivalent (BOE).

The purchase agreement is expected to be completed within 30 days.