HRT Jumps After Buying BP Oil-Field Stake in Brazil: Rio Mover

HRT Participacoes em Petroleo SA, the Brazilian startup exploring for oil and gas in the Amazon and Namibia, rose the most in more than a month after agreeing to buy its first crude-producing asset from BP Plc. (BP/)

HRT rose 7.2 percent to 4.19 reais at 12:07 p.m. in Sao Paulo after surging as much as 11 percent, the most intraday since April 4. The benchmark Ibovespa index fell 0.9 percent.

HRT agreed to pay $135 million for BP’s 60 percent stake in the Polvo field off Brazil’s southeastern coast and assets including a platform and drill rig used in the field, the Rio de Janeiro-based company said in regulatory filing today. The acquisition will give HRT its first access to an oil-producing field after the company failed to discover any commercially viable quantities of crude in its Amazonian blocks.

“Polvo is an excellent deal for HRT, since our team includes people who participated in its discovery before it was bought by BP,” Marcio Mello, chief executive officer of HRT, said in the statement. “We have great knowledge of the field.”

The field, located about 100 kilometers (62 miles) off Rio de Janeiro’s coast, produces 13,000 barrels of oil a day, HRT said. A.P. Moeller-Maersk A/S owns the remaining 40 percent of the field.

Most of the purchase will be financed by a Credit Suisse AG loan, HRT said, without disclosing the exact amount it’s borrowing.

BP is focusing its Brazilian operations on the country’s north after acquiring licenses in three blocks last year in the so-called Equatorial Margin.

To contact the reporter on this story: Rodrigo Orihuela in Rio de Janeiro at rorihuela@bloomberg.net

To contact the editor responsible for this story: James Attwood at jattwood3@bloomberg.net

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