PetroRio completes acquisition of Campo de Frade

PetroRio reported last week that it has finalized its acquisition of 30% of the Campo de Frade, located in the Campos Basin. Now, the company has all the rights and obligations of exploitation, development and and production of oil and natural gas in the field.

The approval of the 30% transfer of Frade was given by the Petroleum, Natural Gas and Biofuels (ANP). The signature of the Term Additive to the Concession Agreement should take place in the coming days to official acquisition. From there, PetroRio will have 100% of the as well as 100% of the FPSO Frade.

The new acquisition will add about 5,200 barrels of oil to the petrorio's daily production. With the completion of the business, the company will have a oil stock of approximately 400,000 barrels.

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