Sept 10, 2020
The board of the National Petroleum Agency (ANP) gave the go-ahead this afternoon (10) for Petrobras to sell its 30% stake in the Frade field to PetroRio. The transaction raised US $ 100 million and was announced at the end of last year.
PetroRio awaited the approval of the deal by the ANP to definitively complete the acquisition. Now, with the approval of the regulator, the independent oil company will be able to add approximately 5,500 barrels per day to its production.
The field revitalization plan is still noted in PetroRio’s project notebook. The company, however, was forced to postpone investments to preserve cash amid the economic crisis triggered by the pandemic.
With the field revitalization, PetroRio intends to drill four producing wells and three injectors in Polvo, increasing the asset recovery factor and meeting the conditions of the ANP to extend the concession until 2041