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PetroRio announces agreement to buy additional slice at Brasoil

 

PetroRio announced an agreement to acquire an additional interest of approximately 29.21 percent in Brasoil do Brasil Exploração Petrolífera, according to a press release.

With the stake acquired from the Brascan Petroleum, Gas and Energy Fund, PetroRio will now hold a total stake in Brasoil of 52.40 percent.

On March 21, PetroRio had announced an agreement to acquire a 23.19 percent indirect stake held by Goldman Sachs & Co in Brasoil.

Brasoil is a holding company, indirectly holding a 10 percent interest in the rights and obligations of the Manati Field concession contract, which currently produces 4.1 million cubic meters of natural gas per day, and is the eighth largest field producer of natural gas in Brazil.

In addition to the participation in Campo de Manati, other relevant assets of Brasoil include a 100 percent indirect interest in the Campo de Pirapema gas concessions currently under development, and Block FZA-M-254, both in Foz do Amazonas Basin.

The signing of the agreement, PetroRio added, is in line with the Company’s business model and acquisitions strategy, as well as representing a diversification of its portfolio of assets and revenue generating sources.

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