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Petrobras Signed a Contract with PetroRio for the Sale of 30% of the Frade Concession, Located in the Campos Basin, North Coast of the State of Rio de Janeiro, for US $ 100 Million
Currently, PetroRio holds a 70% stake in the Frade concession. The company previously purchased Chevron’s 51.74% interest in the Frade field in a transaction completed in March 2019. But there are also latent investments in the Polvo field by the Brazilian company.
The transaction also included the sale of all the shares held by Petrobras Frade Inversiones S.A. (PFISA), a Petrobras subsidiary, in the company Frade BV, which owns 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 upon signing the contract; and US $ 92.5 million at closing the transaction, subject to due adjustments. Additionally, there is a contingent of US $ 20 million due to a potential new discovery in the field.
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The closing of the transaction is subject to the fulfillment of preconditions, such as approvals from the Administrative Council for Economic Defense (CADE) and the National Agency of Petroleum, Natural Gas and Biofuels (ANP).
The Frade Field is located about 118 km off the northern coast of the state of Rio de Janeiro, in water depths between 1,050 and 1,300 meters. Production began in June 2009, and the average production in 2019 was about 18,400 boe/day. After the completion of the sale, PetroRio will hold 100% of the consortium and Frade BV through its subsidiaries.
About PetroRio
PetroRio S.A. is a Brazilian publicly traded company focused on investment and asset recovery in production, specialized in efficient reservoir management and the development of mature fields, dedicated to the production, exploration, commercialization, and transportation of oil and natural gas.
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