Petrobras Sells Remaining Interests in Frade Field to PetroRio

Written by Valdemar Medeiros

Published on 07/02/2021 at 11:35

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Petrobras Announced This Week About the Sale of the Frade Field to PetroRio

Petrobras, which has been negotiating the sale of the Frade field for nearly two years, issued a statement on Friday (5) that it has finally completed the sale of its approximately 30% stake in the land located in the Campos Basin, north coast of the state of Rio de Janeiro to PetroRio. The buyer of the Frade field was PetroRio Jaguar Petróleo Ltda., a subsidiary of Petro Rio S.A. (PetroRio), which already holds the remaining 70%.

Frade Field Sale Successfully Completed

After fulfilling the precedent conditions, the sale was successfully completed, yielding approximately US$ 36 million for Petrobras. The amount paid to Petrobras today (6) along with the signing totals US$ 100 million in revenue for the company.

In addition, this transaction also included the sale of all the stake held by Petrobras Frade Inversiones S.A. (PFISA), a subsidiary of Petrobras, in the company Frade BV to PetroRio Luxembourg, which now holds 100% of Frade BV.

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This entire sale and purchase system between Petrobras and PetroRio is part of a strategy aimed at optimizing the business portfolio and improving capital allocation of the oil company, increasingly focusing its resources on assets in the world-class deep and ultra-deep water category, a sector where Petrobras has been excelling and demonstrating a significant competitive advantage in recent years.

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