PetroRio Acquires Frade From Japan Petroleum

With The Agreement To Purchase The Frade Field From Japão Petróleo, Which Owns A Stake In The Field, PetroRio Increases Its Production

PetroRio Announced The Acquisition Of The Company Frade Japão Petróleo, Which Holds An 18.26% Stake In The Frade Field Concession, Located In The Campos Basin In Rio De Janeiro. The Purchase Reaffirms The Company’s Growth Strategy Through The Acquisition Of Producing Assets, In Addition To Representing A Diversification Of Its Portfolio And Revenue Generating Sources.

After The Deal, The Oil Company Expects To Increase Its Oil Production By About 25% And Is Also Forecasting A 150% Growth In Its Reserves. Reaffirming Its Strategy Through The Acquisition Of Assets, PetroRio Represents A Diversification Of Its Asset Portfolio And Revenue Generating Sources, According To The Company.

A Subsidiary Of The Japanese Company Inpex Founded In 1999, Frade Japão Petróleo Is Based In Rio De Janeiro. Other Oil Companies Operating In The Frade Field Include Chevron, Which Holds 51.7%, And Petrobras, Which Holds 30%. Beginning Production On The Asset In 2009, The Frade Field Once Produced More Than 75,000 Barrels Of Oil Equivalent Per Day At The End Of 2010, Experienced A Leak In 2011 That Impacted The Operator’s Activities In Brazil, And Currently Maintains A Level Of 17,000 Barrels Of Oil Per Day. The Completion Of The Deal Still Depends On Internal And External Approvals From PetroRio.

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