BRASILIA--Brazilian oil company HRT Participacoes em Petroleo SA
(HRTP3.BR, HRTPY), and partners Petrobras (PETR4.BR, PBR) and
TNK-Brasil set a six-month timeline for joint development of gas
fields in the Brazil's Amazon region, HRT said Monday.
The companies originally signed a protocol for development of
gas projects in the Jurua field of Brazil's Solimoes basin in
October.
HRT said the timeline for the agreement was finalized last week
during a visit of Brazilian president Dilma Rousseff to Russia,
where TNK-BP has offices.
HRT currently holds a 55% operating stake in 21 exploration
blocks in Solimoes. TNK-Brasil, a subsidiary of BP PLC's (BP.LN,
BP) Russian joint venture TNK-BP Ltd., holds the remaining 45% in
that operation.
Petrobras currently operates the remote Urucu field that has
produced natural gas not far from HRT's discoveries.
HRT shares ended 0.8% lower on Brazil's Bovespa stock exchange
Monday at 4.96 Brazilian reais ($2.38). Petrobras shares ended 0.9%
lower at BRL20.03.
Write to Gerald Jeffris at gerald.jeffris@dowjones.com
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