PetroRio Reaches Agreement on Frade With Chevron

Written by Paulo Nogueira

Published on 26/03/2019 at 07:13

Be the first to react!

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.

ARTICLE CONTINUES BELOW

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.

PetroRio Reaches Agreement on Frade With Chevron

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.

Redevelopment Plans

With billions in loans, China is rebuilding Nigeria’s railway network from scratch, abandoning the British colonial tracks that have turned to scrap and creating a corridor of over 1,300 km to take the load off the roads of Africa’s largest economy.

China is building an artificial island in the middle of the sea, covering 20 km², to construct the largest offshore airport in the world, the Dalian Jinzhouwan. This $4.3 billion project is anchored on more than 3,000 pillars embedded in the rock beneath the ocean and is scheduled to open in 2035.

Forget petroleum-based asphalt: a Scottish company transforms 684,000 plastic bottles into one kilometer of road that is 60% more resistant and up to 10 times more durable, and the technology has already started replacing traditional asphalt in more than 30 countries.

Austrian engineers have developed an inflatable concrete technology that transforms flat slabs into domes using only air pressure, eliminating scaffolding and temporary forms, and potentially changing the way bridges, tunnels, and curved roofs are constructed worldwide.

A British company has installed in the middle of the ocean the world’s first floating platform that generates electricity 24 hours a day from the temperature difference between the surface and the depths of the Atlantic, without relying on wind or sun.

A robot named Walter does the work of five bricklayers per hour and can save the construction industry, where the average age of professionals is 46 years and almost no one wants to learn the trade anymore, in the United Kingdom.

Spain installs two giant pipelines 2.2 km off the coast to draw water from the Mediterranean and supply a megafacility capable of producing 200 million liters of drinking water per day.

How much would a Toyota Hilux cost without tax in Brazil? A diesel pickup truck priced at R$ 250,000 could drop to around R$ 127,000, showing why pickup trucks have become a luxury product in the country.

Windows without a prison-like appearance gain momentum in 2026 and promise to completely transform residential facades with more natural lighting, discreet security, increased property value, and a modern look without the burden of the old iron bars that dominated Brazilian homes for decades.

The largest precious metals mine under construction in the world is situated on a layer of ore 25 times thicker than common mines in South Africa, and has just connected a third shaft that will quintuple the extraction of platinum, palladium, and gold.

Neither human nor dinosaur: ancestral skeleton nearly 1,000 years old found on eroded road in Australia intrigues archaeologists by the way it was buried

Bolivia requests a plane from the Lula government to distribute humanitarian aid amid protests, roadblocks, fuel shortages, and food scarcity in cities like La Paz.

PetroRio Reaches Agreement on Frade With Chevron

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.

Redevelopment Plans

With billions in loans, China is rebuilding Nigeria’s railway network from scratch, abandoning the British colonial tracks that have turned to scrap and creating a corridor of over 1,300 km to take the load off the roads of Africa’s largest economy.

China is building an artificial island in the middle of the sea, covering 20 km², to construct the largest offshore airport in the world, the Dalian Jinzhouwan. This $4.3 billion project is anchored on more than 3,000 pillars embedded in the rock beneath the ocean and is scheduled to open in 2035.

Forget petroleum-based asphalt: a Scottish company transforms 684,000 plastic bottles into one kilometer of road that is 60% more resistant and up to 10 times more durable, and the technology has already started replacing traditional asphalt in more than 30 countries.

Austrian engineers have developed an inflatable concrete technology that transforms flat slabs into domes using only air pressure, eliminating scaffolding and temporary forms, and potentially changing the way bridges, tunnels, and curved roofs are constructed worldwide.

A British company has installed in the middle of the ocean the world’s first floating platform that generates electricity 24 hours a day from the temperature difference between the surface and the depths of the Atlantic, without relying on wind or sun.

A robot named Walter does the work of five bricklayers per hour and can save the construction industry, where the average age of professionals is 46 years and almost no one wants to learn the trade anymore, in the United Kingdom.

Spain installs two giant pipelines 2.2 km off the coast to draw water from the Mediterranean and supply a megafacility capable of producing 200 million liters of drinking water per day.

Kia emerges with the “ugliest pickup truck in the world”: even with a 2.2 turbo diesel engine with 210 hp, 4×4 traction, a capacity of 3.5 tons, and a goal of 20,000 annual sales, the Tasman sells only 320 units and becomes a problem for the brand in Australia.

Kia emerges with the “ugliest pickup truck in the world”: even with a 2.2 turbo diesel engine with 210 hp, 4×4 traction, a capacity of 3.5 tons, and a goal of 20,000 annual sales, the Tasman sells only 320 units and becomes a problem for the brand in Australia.

Country ‘tears’ the sea with 340-meter underwater tunnels under the Atlantic to capture saltwater and build a megaproject capable of producing up to 100 million liters of drinking water per day in West Africa.

Country ‘tears’ the sea with 340-meter underwater tunnels under the Atlantic to capture saltwater and build a megaproject capable of producing up to 100 million liters of drinking water per day in West Africa.

Country ‘tears’ the sea with 340-meter underwater tunnels under the Atlantic to capture saltwater and build a megaproject capable of producing up to 100 million liters of drinking water per day in West Africa.

How much would a Toyota Hilux cost without tax in Brazil? A diesel pickup truck priced at R$ 250,000 could drop to around R$ 127,000, showing why pickup trucks have become a luxury product in the country.

Windows without a prison-like appearance gain momentum in 2026 and promise to completely transform residential facades with more natural lighting, discreet security, increased property value, and a modern look without the burden of the old iron bars that dominated Brazilian homes for decades.

The largest precious metals mine under construction in the world is situated on a layer of ore 25 times thicker than common mines in South Africa, and has just connected a third shaft that will quintuple the extraction of platinum, palladium, and gold.

Neither human nor dinosaur: ancestral skeleton nearly 1,000 years old found on eroded road in Australia intrigues archaeologists by the way it was buried

Bolivia requests a plane from the Lula government to distribute humanitarian aid amid protests, roadblocks, fuel shortages, and food scarcity in cities like La Paz.