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The Companies Set a New Amortization Schedule for Payments Related to Their Stake in the Frade Field
PetroRio, a Brazilian oil and gas company, and American Chevron renegotiated the terms of the contract for the sale of 51.74% of the Frade field and the platform operating at the site.
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The original contract had a remaining principal of US$ 142 million, with an amortization profile of US$ 77 million in September 2020 and approximately US$ 64 million in March 2021, at an interest rate of 5.82% per year. The new amortization profile, which takes effect immediately, foresees US$ 15 million in November 2020, US$ 30 million in May 2021, and US$ 97 million in November 2021 at a new interest rate of 7% per year.
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The Brazilian company acquired the stake in January last year. However, with the adverse scenario in the oil and gas sector, the oil company chose to renegotiate the financing. This measure aims for a “substantial improvement in short and medium-term liquidity” and “greater balance in the company’s cash management.”
“The negotiation of these instruments, which took place in the context of the COVID-19 pandemic, will allow for a substantial improvement in short and medium-term liquidity and, consequently, a greater balance in the company’s cash management,” reported PetroRio.
The company reported that the acquisition represented an important step in executing its strategy, significantly reducing production costs and allowing it to achieve an oil extraction cost of US$ 17.3 per barrel.
