News Out..
NEWS RELEASE
CONCLUSION OF THE SOLIMÕES
GAS MONETIZATION STUDY
Rio de Janeiro, September 2nd, 2013 - HRT Participações em Petróleo S.A. (the "Company" or "HRT") (BM&FBOVESPA: HRTP3, TSX-V: HRP), announces that the Study Group of the Solimões Gas Monetization Project, composed of representatives of HRT, Rosneft and Petrobras, at a meeting held on August 30th, 2013, approved the Final Report of the project, which relied on the support of Gas Energy and Petrofac consulting firms.
The study confirmed the major challenges involved to implement a project of such extent, of long-term and capital-intensive nature, due to the large size and the complexity of the logistics in the Amazon region. The study indicated that there are viable alternatives for gas monetization, such as LNG (Liquefied Natural Gas) and electric-power generation alternatives through thermoelectric power plants. In addition to the identification of the best monetization options, the Study Group also concluded that the increase in volumes will offer substantial gains in profitability.
HRT_eng_02092013
Location map of accumulations considered in the project
The Company will now pursue strategic partnerships to develop the projects of natural gas liquefaction and trading and/or installation of thermoelectric power plants in the region. Structures involving possible agreements and partnerships will be also subject to the evaluation of the Special Committee of the Board of Directors. The referred Committee is currently evaluating inorganic development options, strategic combinations or sources of further capital for the Company.
Concurrently, the Study Group decided to follow through with the studies performed, seeking the optimization of the selected viable alternatives by the repositioning of the production facilities, and incorporating new potential gas discoveries with their current volume increase, apart from the changes in the production profiles.
In conclusion, HRT believes that the project has brought significant findings that will serve as input into a new stage.
Click here for the News Release.
For additional information, please contact HRT's Investor Relations Department.
About HRT
HRT Participações holds one of the largest independent oil and gas exploration and production companies in Brazil. The HRT Group comprises eight main subsidiaries: IPEX (Integrated Petroleum Expertise Company Serviços em Petróleo Ltda.), HRT O&G Exploração e Produção de Petróleo Ltda., HRT Netherlands B.V., HRT África Petróleo S.A., HRT América Inc., Air Amazonia Serviços Aéreos Ltda. and HRT Canada Inc.. The Company retains a 55% interest in 19 exploratory blocks in the Solimões Basin. HRT also operates ten exploratory blocks off the Namibian coast: eight blocks in the Orange Sub-basin and two blocks in the Walvis Sub-basin. HRT's team includes PHDs and masters in geochemistry, geophysics, biology and engineering, most of them former employees of Petrobras and ANP (Brazil petroleum agency). HRT is committed to minimizing any possible environmental impacts in the sites where it acts. Our commitment to the local communities is towards health conditions, safety and quality of life. For more information, please visit the Company's website: www.hrt.com.br/ir
HRT Investor Relations
Ph: +55 21 2105-9700 | Fax: +55 21 2105-9713
Av. Atlântica 1130 | 10º andar | Copacabana | Rio de Janeiro | RJ | Zip: 22021-000
email: ri@hrt.com.br | website: www.hrt.com.br/ir
IR Contacts
Ricardo Bottas Dourado
ri@hrt.com.br
Sandra Calcado
sandra.calcado@hrt.com.br
Tainah Costa
tainah.costa@hrt.com.br
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