PetroRio buys Chevron’s 51.74% stake in Frade

 

1/30/2019

PetroRio informs its shareholders of a Share Purchase Agreement for the acquisition of Chevron Brasil, a limited company holding a 51.74% interest in the concession and operation of the Campo de Frade, as well as equivalent interests in the assets of the field.

Once completed, this acquisition will be added to the previously announced 18.26% interest and the Company will become the operator of Campo de Frade and hold a 70% interest in the asset.

With the transaction, PetroRio’s production at Campo de Frade will increase to 15 thousand bopd. In addition, the acquisition will contribute to a significant increase in the Company’s total production, reaching approximately 28 thousand bopd and equivalent oil reserves of 83.6 million 2P barrels.

Source: TN Petroleo

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