Rosneft has obtained authorization rights for 55 million US dollars from Brazilian PetroRio for geological reconnaissance of two onshore oil fields by the Solimoes river in the Amazon basin. As a result of the deal, the company's share in the Solimoes project reaches 100 per cent.
In 2014, Rosneft acquired 51 per cent of the Solimoes project's assets. The company also purchased four transportable drilling rigs from HRT O&G for 96 million US dollars. Taking part in the Solimoes project has allowed the oil and gas company to strengthen its positions in the country that offers considerable growth opportunities in liquid hydrocarbon extraction. Moreover, according to Rosneft, the project ensures getting benefit from synergies with the company's Venezuelan projects.
Despite the high risk, if successful, the Solimoes has significant potential, which is the reason why in 2012 Rosneft acquired 45 per cent of the project through its subsidiary, Rosneft Brasil E&A LTDA, from HRT Company. The project's oil resources amount to 34 million tonnes, gas – to 73 billion cu m. So far, 75 per cent of the basin remains unexplored with a possible resource potential amounting up to 100 million tonnes of raw hydrocarbons.
