HRT May Sell Stakes in Oil Blocks in Namibia, CEO Says
This article is for subscribers only.
HRT Participacoes em Petroleo SA may sell stakes in offshore oil blocks in Namibia as it ramps up exploration and spending in the African country, Chief Executive Officer Marcio Rocha Mello said.
HRT will start seismic research in Namibia in the first half of 2011 to identify drilling sites, earlier than a previous plan to begin in the second half, Mello said in Sao Paulo today. The geology of the area resembles the Santos Basin off Brazil’s coast, where Petroleo Brasileiro SA made the largest oil discoveries in the Americas since 1976, HRT has said.