PetroRio completes the acquisition of Frade Japan Petróleo and now owns 70% of the Frade Field

PetroRio replicates the success of Campo de Polvo in Frade, making the field more profitable and increasing its economic life.

This Wednesday, October 02nd, PetroRio informed that it was acquisition of Frade Japan Petróleo Limitada (FJPL) completed, which holds an 18,26% stake in the concession and operational assets of Campo de Frade.  Production by the Brazilian oil company grew 36 percent and reached 20,2 barrels per day.

As of this date, the economic result from the 18,26% stake in Campo de Frade will be accounted for and incorporated into Petro Rio's financial statements.

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"The acquisition represents another successful step in the execution of Petro Rio's growth strategy, through the acquisition and development of producing fields", said the oil company.

Petro Rio's reserves will increase by 16 million barrels 2P and production will increase by 3,5 thousand barrels per day, considering the results of the last three months in the Field.

Since the acquisition of the field operation in March 2019, PetroRio has already captured part of the significant cost reductions through land, air and marine operational synergies throughout 2Q19 and 3Q19, impacting the result of the second of 2019.

“With this, the Company replicates the success of Campo de Polvo in Frade, making the field more profitable and increasing its economic life”, highlighted Petro Rio.

The company invests US$20 million in the Polvo field

Monday (30/09) brought good news to the Brazilian offshore oil and gas sector. The national oil company PetroRio announced an investment of US$ 20 million in the Polvo field, in the Campos basin.

O amount will be invested in the third phase of asset revitalization, which will involve a drilling campaign, another piece of good news for rigs awaiting contracts in Brazilian waters.

After a study that identified 22 additional drilling opportunities in the Polvo field, it is estimated that up to four wells will be needed for the asset volumes to increase to somewhere between 3 million and 6 million barrels of oil.

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