TNK-BP, the joint venture between Russian firm TNK and Britain’s oil giant BP, is making its first move into Brazil. Its subsidiary TNK-Brasil has signed a deal to buy 45% of the Solimoes Basin project near the Amazon.
This stake in the 21 oil and gas exploration blocks, which cover an area of 48,500 square kilometres, brings 789 million barrels of oil equivalent into TNK-BP’s resources.
Mikhail Fridman, chief executive of TNK-BP said: “The project will give us access to significant new resources in one of the world’s fastest growing markets. TNK-BP is looking forward to new opportunities to deepen our footprint in the region.”