Following the acquisition, Rosneft Brazil will receive 51% control and take over the operatorship in the joint venture in the Solimoes basin.
The companies have agreed to continue exploration activities with respect to Solimoes project, and four heli-transportable rigs will be sold to Rosneft.
According to Rosneft, the completion of the sale and purchase transaction between the companies shall be subject to the fulfillment of certain conditions.
The conditions include the Brazilian National Petroleum, Natural Gas and Biofuels Agency (ANP) approvals.
In order to finance HRT investments on Solimões for a period of 12 months from the closing date, Rosneft will also provide a loan facility up to $40m to HRT.
