The transaction will allow Rosneft Brasil to fully own the concession contracts of oil and gas in the Solimões Sedimentary Basin in Amazonas, Brazil.
The agreement, which excludes the four heli-transportable drilling rigs, concludes previous negotiations between Rosneft Brasil and PetroRio.
PetroRio said it will now focus on increasing production through oil fields already in production, re-exploration, and reduce production costs and corporate expenses.
The transaction is scheduled to be completed in mid-2015, subject to approval of the Agencia Nacional do Petroleo, Gas Natural e Biocombustiveis – Brazil (ANP).
The Solimões project covers an area of approximately 41 500km2, and comprises 16 license blocks.
Last year, Rosneft Brasil agreed to buy 6% interest in the Solimoes project in addition to its 45% stake, to take over the operatorship of the joint venture.
