PetroRio 100% Owner of Frade Oil Field: Oil Company Completes Acquisition of Asset from Petrobras

Written by Flavia Marinho

Published on 25/01/2021 at 08:24

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The 30% Stake of Petrobras Was Purchased by PetroRio for US$ 100 Million. Frade Is Located in the Basin of Campos, About 172 Km from the Polvo Field.

PetroRio reported in a relevant fact on January 21 that the National Agency of Petroleum, Natural Gas and Biofuels (ANP) approved the assignment of the 30% stake in the Frade Field, in the Basin of Campos, currently held by Petrobras, to PetroRio. Looking for a job? Techocean Macaé URGENTLY Calls for Welder, Mechanical Hydrojet Operator, Scaffold Assembler and More

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Thus, within the next few days, the Addendum to the Concession Contract will be signed by the ANP, completing the acquisition of all rights and obligations for the exploration, development and production of oil and natural gas from Petrobras in the Frade Field. After the signing, PetroRio will hold 100% of the Frade Field and 100% of the FPSO Frade.

According to the company’s statement, “the transaction will add approximately 17 million 1P barrels and increase about 5,200 barrels of oil to PetroRio’s daily production. Additionally, upon completion of the acquisition, the Company will be entitled to an oil stock of approximately 400,000 barrels located in the FPSO Frade.”

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About the Frade Oil Field in the Basin of Campos

The Frade oil field is located in the Basin of Campos, about 172 km from the Polvo field, also operated by PetroRio and part of a production integration project with Tubarão Martelo, purchased from Dommo, formerly OGX.

PetroRio entered Frade in October 2018, with the purchase of the stake from Frade Japan Petroleum Ltda, which held an 18.26% interest, and became the operator in January 2019 when the company became the operator by acquiring the 51.74% stake from Chevron in Frade.

The oil company is also preparing a Revitalization Plan for the asset in order to extend the concession’s useful life until 2041. The project plans to drill four producer wells and three injectors but was postponed due to the crisis.

In addition to Frade, PetroRio operates the Polvo (100%) and Tubarão Martelo (80%, recently acquired from Dommo Energia) oil fields, both in the Basin of Campos.

In exploration phase, it holds stakes in the blocks: CE-M-175 (50%) in the Basin of Ceará; FZA-M-254 (100%) and FZA-M-539 (100%) in the Basin of Foz do Amazonas.

The company’s main strategy is to acquire producing oil fields in the region to create a private operating hub and reduce production costs per barrel,

PetroRio 100% Owner of Frade Oil Field: Oil Company Completes Acquisition of Asset from Petrobras

The 30% Stake of Petrobras Was Purchased by PetroRio for US$ 100 Million. Frade Is Located in the Basin of Campos, About 172 Km from the Polvo Field.

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About the Frade Oil Field in the Basin of Campos

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PetroRio 100% Owner of Frade Oil Field: Oil Company Completes Acquisition of Asset from Petrobras

The 30% Stake of Petrobras Was Purchased by PetroRio for US$ 100 Million. Frade Is Located in the Basin of Campos, About 172 Km from the Polvo Field.

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