BP: PetroRio wants to acquire block shares

PetroRio disclosed to the market, on Thursday (19), the relevant fact that showed the intention of the company to acquire more stake in two blocks of the British oil company BP in Brazil. The companies signed a contract that provides for the purchase of 35.7% in Block BM-C-30, known as Campo de Wahoo, and 60% in Block BM-C-32, called Itaipu Field.

According to the document, acquisitions are subject to the necessary approvals to the operator of both pre-salt fields. The Wahoo Field, with the potential to produce more than 140 million barrels of oil (100% of the field), with oil discovery in 2008, and training test conducted in 2010, fits perfectly into PetroRio's value creation strategy.

"With the development of the field, the company will form another production cluster, and share all the infrastructure with campo de Frade (including FPSO), thus enabling the capture of several synergies resulting in another strong and sustainable reduction of lifting cost, always maintaining the highest standards of safety and efficiency", said the oil company. 

The transaction will have a fixed installment of $100 million, which will be divided into 5 payments ($17.5 million divided between the subscription and the completion of the transaction – closing – once all conditions are met; $15 million in December 2021; with the remainder to be paid in 2022), in addition to a $40 million contingent earn-out in itaipu's unitization (or first oil).

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