OAO Rosneft reported that the Brazilian government has approved a transaction that would give Rosneft an additional 6% in a joint venture in the Solimoes basin for $96 million. The transaction would give Rosneft 51% interest and operatorship in the JV.
Completion of the purchase from Brazilian independent HRT O&G is expected within 30 days of the July 9 approval by Brazil's National Petroleum Agency (ANP).
The JV covers concession contracts BT-SOL-4 and BT-SOL-4A. HRT O&G will hold 49% interest (OGJ Online, Mar. 19, 2013).
Separately, Rosneft, HRT, and Petroleo Brasileiro SA (Petrobras) signed a memorandum of understanding to study "development schemes" for joint monetization of gas in the Solimoes basin.
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AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
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IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.