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HRT buys BP stake in Brazilian offshore field

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(Globalpost/GlobalPost)

Rio de Janeiro, May 6 (EFE).- Brazilian firm HRT Participaçoes em Petroleo SA announced Monday that it is buying BP Plc's 60-percent stake in the Polvo oil field, which lies off Brazil's southeastern coast.

HRT will pay $135 million for BP's share in the field along with a platform and oil rig.

Polvo produces 13,000 barrels per day of light crude, HRT said in a statement.

HRT will replace BP as the operator of the field. A.P. Moeller-Maersk A/S holds the remaining 40 percent of Polvo, located about 100 kilometers (62 miles) offshore from Cabo Frio in Rio de Janeiro state.

Founded in 2009, HRT has yet to actually produce any oil, though it has exploration rights to 36 blocks in Brazil and Namibia that contain proven reserves of 7.9 billion barrels of oil equivalent.

HRT obtained last month the Class A operator's license Brazil requires for companies wanting to drill in deep water.

http://www.globalpost.com/dispatch/news/agencia-efe/130506/hrt-buys-bp-stake-brazilian-offshore-field