Brazilian energy company PetroRio has received regulatory approval to acquire a 30% stake in the Frade oil field in the Campos Basin offshore Brazil from Petrobras.
The company expects the deal to be completed in the upcoming days.
Following completion of the deal, PetroRio will hold 100% of Frade Field, and 100% of the Frade FPSO.
“The acquisition represents the conclusion of yet another successful step in the execution of PetroRio’s growth strategy, through the acquisition and redevelopment of producing fields, replicating Polvo Field’s success in Frade, thereby increasing the Field’s profitability and extending its economic life,” said PetroRio.
