RIA Novosti reported that Russian-British oil joint venture TNK-BP has bought a 45% stake in an oil and gas deposit in Brazil from local firm HRT O&G for an undisclosed sum.

The firm said "TNK-Brasil a 100% subsidiary of TNK-BP Group announced that it has signed a farm-in agreement and a joint operating agreement with the Brazilian company HRT O&G. Through the deal TNK-Brasil will acquire a 45% stake in the Solimoes Basin project in Brazil,"

The firm said "According to a Degolyer & MacNaughton reserves audit report, the blocks bring TNK-BP a net prospective and contingent resource of 789 million barrels of oil equivalent. These include 11 discoveries where oil and gas were tested. Initial production from the fields in the Solimoes basin is expected in 2012."

TNK-BP said the project will give TNK-BP access to significant new resources in one of the world’s fastest growing markets.

The 21 oil and gas exploration blocks covering an area of about 48,500 square kilometres are located in the Amazon Solimoes basin.

(Sourced from RIA Novosti)