MOSCOW, Jul 18 (PRIME) — Russian oil company TNK-BP confirmed in a statement Monday that it has concluded an agreement to buy 45% in an oil and gas project in Brazils Solimoes Region from Petra Energia.
Earlier on Monday, Dow Jones Newswires reported on the deal, citing people familiar with the matter.
According to the agreement, the value of the deal is to depend on the future output under the project.
The management of TNK-BP plans to finalize a number of necessary supplementary agreements on the deal by the end of August, the company said.
Under the deal, TNK-BP is to receive 783 million of barrels of oil equivalent of prospective and contingent reserves, according to U.S.-based petroleum consulting company DeGolyer and MacNaughton. The start of production under the project is slated for 2012.
A person familiar with the situation said in May that TNK-BP may pay as much as $1 billion for the stake.