Petro Rio increases participation in the Frade field

 

October 29, 2018

Petro Rio has just increased its stake in the Frade field, in the Campos Basin, after the purchase of Frade Japan Petroleum – which holds a 18.26% stake in the concession. The announcement of the acquisition was made on the 29th, but the value of the deal was not disclosed.

After the transaction, the oil company expects to increase its oil production by 25% and also foresees a 150% jump in its reserves. “Petro Rio reaffirms its growth strategy through the acquisition of assets in production, as well as representing a diversification of its portfolio of assets and revenue generating sources,” the company said in a statement to the market.

Frade Japan Petroleum is a subsidiary of the Japanese company Inpex, headquartered in Rio de Janeiro. The other oil companies operating in the Frade field are Chevron (51.7%) and Petrobrás (30%). Production in the field began in 2009 and its production is currently at the level of 17 thousand barrels of oil equivalent per day (August data).

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