Seeking Alpha

HRT completes purchase of BP stake in Brazilian offshore oil field

  • Brazil's HRT Participacoes em Petroleo (HRTPY, HRTPF) says it has completed its purchase of a stake in an offshore oil field from BP, transforming it from an exploration company into an oil producer.
  • HRT paid $135M for a 60% stake in the Polvo offshore oil field in a deal that was first announced in May 2013 and approved by Brazilian regulators last month.
  • Polvo currently produces ~12K bbl/day of heavy crude that should provide a steady stream of revenue for HRT, which has seen investors bail out of shares amid a series of management shakeups and failures at several prospects off the coast of Namibia.
Comments (1)
  • chiko
    , contributor
    Comment (1) | Send Message
     
    A cash flow! What a novel idea.
    10 Jan 2014, 04:49 PM Reply Like
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