HRT Enters Offshore Block

HRT Participacoes em Petroleo has agreed to acquire a 60% stake in BP Energy do Brasil’s Campo de Polvo field for $135m, the Brazilian oil and gas company says. HRT is to finance “most of” the purchase with a loan from Credit Suisse. It does not elaborate on the terms of the loan and officials at Credit Suisse and HRT declined to comment or were unavailable for comment. Key for HRT is that Campo de Polvo is already producing. Located off of the state of Rio de Janeiro in the Campos basin, it produces some 13,000 barrels per day from three reservoirs. Following the necessary regulatory approvals, HRT subsidiary HRT Oil & Gas will operate Polvo. HRT did not use external financial advisors, according to a person familiar with the matter, and was advised by Vinson & Elkins and BRGCH Lawyers.