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PetroRio to buy 30% of Frade field offshore Brazil for $100m

Christian Fernsby |
Brazil-based oil and gas firm Petro Rio subsidiary PetroRio Jaguar Petróleo has signed an agreement with Petróleo Brasileiro (Petrobras) to acquire 30% stake in the Frade concession located in the Campos Basin, Brazil, for $100m.

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Topics: PETRORIO    FRADE    FIELD    OFFSHORE    BRAZIL   

Located in the Campos Basin, north coast of the state of Rio de Janeiro, the Frade concession is currently 70% owned by PetroRio through its subsidiaries.

Under the terms of the deal, PetroRio will acquire the entire oil and gas exploration, development and production rights and obligations equivalent to its 30% interest in the Frade consortium.

Additionally, PetroRio will acquire the entire stake held by Petrobras subsidiary Petrobras Frade Inversiones (PFISA) in Frade BV, which owns the offshore assets operating in the field.

PetroRio expects the acquisition to add approximately 27 million barrels to its 2P reserves and as well increase approximately six thousand barrels to the company’s daily production capacity, based on the trailing three months performance of the field.

The deal is subject to approvals by the Administrative Council for Economic Defense (CADE) and the National Agency of Petroleum, Natural Gas and Biofuels (ANP).


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