Rosneft bought a 55% stake in the Solimões project in Brazil from PetroRio for $55 million, the Russian company said in a statement published on Tuesday, October 13.

The deal allowed the oil company to become the sole participant in the Solimões project. The report states that the closure of the deal will allow Rosneft Brasil to continue geological exploration to discover promising oil deposits and advance in a project with Petrobras to explore “opportunities for monetizing proven gas reserves.”

“Rosneft Brasil is now starting to plan operations that should begin before the end of 2015,” the press release says.

Rosneft hopes that participation in the Solimões project will allow the company to “strengthen its position in Brazil, a country with promising growth opportunities in hydrocarbon production.” In addition, the Solimões project provides an opportunity to “obtain a synergistic effect with Rosneft’s Venezuelan projects.”

Rosneft Brasil, 100% owned by Rosneft, and Brazil's PetroRio entered into a deal in mid-May. Brazil's National Agency for Petroleum, Natural Gas and Biofuels allowed a Russian company to gain control of 100% of the Solimões project on July 6.

The Solimões project includes 16 license areas covering a total area of approximately 41,500 sq. m. km. The properties contain 11 discovered hydrocarbon reservoirs, the resources of which have been estimated by D&M at 717 million barrels of oil equivalent C3 (95% of the resource is natural gas). Prospective oil resources amount to 1005 million barrels, promising gas resources - 800 million barrels of oil equivalent.

Rosneft received 100% of the Solimões project in Brazil