PetroRio buys what was missing from the Frade field

Petrobras closed an agreement with PetroRio for the sale of its 30% stake in the concession of the Frade field, located in the Campos Basin, north coast of the state of Rio de Janeiro. The total amount of the transaction is US$ 100 million, to be paid in two installments: US$ 7.5 million in the signing of the contract and US$ 92.5 million at the close of the transaction. With the sale, PetroRio will now have 100% of the assets in the area.

The contract was signed last Thursday (28), between the Petrobras and PetroRio Jaguar Petróleo Ltda., a subsidiary of PetroRio S.A. O closing of the transaction is subject to compliance with previous conditions and approval of Cade (Administrative Council for Economic Defense) and an anp (Agency National Petroleum, Natural Gas and Biofuels).

The transaction also includes the sale of the entire participation held by Petrobras Frade Inversiones S.A. (PFISA), subsidiary petrobras, at Frade BV, which owns ownership of offshore assets, used in the development of the production of the Frade field.

PetroRio, through its subsidiaries, currently holds 70% of the Friar award. Upon completion of the sale, the company will through its subsidiaries, 100% of the consortium and the company Frade BV. The PetroRio is also operator of the Octopus field (100%), located in the Fields.

Camp of Friar

The Frade countryside is located about 118 km from the coast state of Rio de Janeiro, in a water slide between 1,050 and 1,300 m. The beginning of production was in June 2009 and the average production in 2019 was 18,400 boe/day.

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