PetroRio closes Frade deal with Chevron

Brazilian oil and gas company PetroRio has closed the acquisition of Chevron’s subsidiary which holds a 51.74% interest in the concession and operation of the Frade field offshore Brazil, along with a proportional stake in the operating assets of the field.

As reported at the end of January 2019, PetroRio entered into a share purchase agreement for Chevron’s stake in the Frade field offshore Brazil in a deal reportedly worth half a billion dollars.

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