HRT completes purchase of BP stake in Brazilian offshore oil field

|About: BP p.l.c. (BP)|By:, SA News Editor

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.