TNK-BP Holding (TNBP.RS) will pay $1 billion to buy a stake in exploration blocks in the Amazon region from Brazil 's HRT Participacoes em Petroleo SA (HRTP3.BR), the Brazilian company said Monday in a statement.

TNK-BP will buy a 45% stake in 21 blocks in the Solimoes Basin , in payments to be made over the next two years, HRT said.

The operation still must be approved by the local authorities.

HRT officials have previously said that the blocks contain potential reserves of between 4 billion and 6 billion barrels of light oil and between 10 trillion and 20 trillion cubic feet of natural gas. HRT will remain operator of the blocks with its 55% stake, company said.

Bringing TNK-BP onboard may allow HRT to expand its drilling program next year, which it had cut to 19 wells from 31 wells. The reduction was due to cost-saving measures during the global crisis. HRT had said it might buy four additional drilling rigs should TNK-BP come on board.
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