Asset A&D

Petro Rio Acquires the Remaining 30% Interest in the Frade Field in Brazil

By Shriya Bhargava
November 28, 2019
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PetroRio Concludes Sale Transaction for Campo de Frade Field

Petro Rio SA, an independent Brazilian oil & gas producer, has entered into an agreement with state owned Petroleo Brasileiro SA (Petrobras) to acquire its 30% working interest in the offshore Frade Field in the Campos Basin in Brazil, for a total consideration of US$100.0 million plus certain contingent payments. Following the completion of the transaction, Petro Rio will own a 100% stake in the field. Previously, in March 2019, Petro Rio had entered into an agreement with US major Chevron Corp. to acquire its subsidiary, Chevron Brasil Upstream Frade Ltda., which held a 51.74% operated interest in Frade, thereby increasing its interest to 70%.

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