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Petrobras has signed a contract with PetroRio for the sale of 30% of the Frade concession, located in the Campos Basin, on the north coast of the state of Rio de Janeiro, for US$100 million
Currently, PetroRio has a 70% stake in Frade's concession. The company previously purchased Chevron's 51,74% stake in the Frade field in a transaction completed in March 2019. But there are also latent investments in the Polvo field by the Brazilian.
The transaction also included the sale of the entire stake held by Petrobras Frade Inversiones SA (PFISA), a subsidiary of Petrobras, in the company Frade BV, owner of the offshore assets used in the development of production in the Frade field.
The sale price of US$100 million will be paid in two installments: US$7,5 million after the contract is signed; and $92,5 million upon closing of the transaction, subject to adjustments due. Additionally, there is a $20 million contingent due to a potential new discovery in the field.
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The closing of the transaction is subject to the fulfillment of conditions precedent, such as approvals by the Administrative Council for Economic Defense (CADE) and the National Agency of Petroleum, Natural Gas and Biofuels (ANP).
Campo do Frade is located about 118 km from the north coast of the state of Rio de Janeiro, in a water depth between 1.050 and 1.300 meters. Production started in June 2009 and average production in 2019 was around 18.400 boe/day. Upon completion of the sale, PetroRio will own 100% of the consortium and Frade BV through its subsidiaries.
About PetroRio
PetroRio SA is a publicly traded Brazilian company focused on investment and the recovery of producing assets, specializing in the efficient management of reservoirs and the development of mature fields and dedicated to the production, exploration, marketing and transportation of oil and natural gas.
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