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The Brazilian Oil And Gas Company PetroRio Closed The Acquisition Of The Chevron Subsidiary, Which Holds A 51.74% Stake In The Concession And Operation Of The Frade Offshore Field In Brazil, Along With A Proportional Interest In The Operational Assets Of The Field.
As Reported At The End Of January 2019, PetroRio Entered Into A Share Purchase Agreement For Chevron’s Interest In The Frade Field Offshore Brazil, In A Deal Reportedly Worth Half A Billion Dollars. PetroRio Announced On Monday That The Conditions For The Acquisition Of Chevron Brasil Upstream Frade Ltda. Have Been Met And The Necessary Approvals Have Been Granted.
The Company Is Now Also The Operator Of The Field, Granting Influence Over Consortium Decisions And Allowing The Implementation Of Cost Reduction Measures And Synergies In Its Operations.
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The Company Stated: “The Acquisition Represents The Completion Of Another Successful Step In The Execution Of PetroRio’s Growth Strategy, Through The Acquisition And Redevelopment Of Production Fields. With This Transaction, PetroRio’s Production Will Increase By 11,000 Barrels Per Day And 43 Million Barrels Of Oil Will Be Added To The 2P Reserves.”
Redevelopment Plans
PetroRio Estimates That The Acquisition Will Enable Significant Opportunities For Cost Reduction Initiatives Through Operational Synergies On Land, Air, And Sea, And The Company Will Plan The Redevelopment Of Frade, Which May Include Drilling Campaigns And Water Injections To Be Determined With The Help Of The Geology, Reservoir, And Well Engineering Teams. As Such, The Company Expects To Replicate The Success At The Polvo Field And Extend The Economic Life Of The Field By Over 10 Years.
With This Acquisition, The Company Also Launches Its Participation In The Brazilian Pre-Salt, With The Possible Exploration Of Analogous Prospects To The Discovery At The Roncador Field, At A Depth Of 4500 Meters, Which May Be Part Of New Drilling Initiatives Planned For 2020.
The Transaction Includes An Operational Stake Of 50% In The CE-M715 Block In Deep Waters, A New Frontier With Oil Potential In An Area Where International Players Have Recently Announced Investments.
PetroRio Also Noted That The Acquisition Of The 18.26% Stake In Frade Japão, A Joint Venture Formed By Inpex And Sojitz, Is Still Subject To Precedent Conditions And Internal And External Approvals For Its Completion. The Remaining 30% Stake In The Field Is Owned By Petrobras.
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