Petro Rio adds additional interest in Frade field

Petro Rio SA has closed on the deal to acquire Frade Japao Petroleo, a joint venture formed by Inpex and Sojitz that holds a 18.26% working interest in Frade field, a heavy oil and gas field in Brazil’s Northern Campos basin. Petro Rio also acquired a proportional stake in the operating assets of the field. The deal was struck in October 2018.

PetroRio’s 2P reserves will increase by 16 million bbl of oil, and production by 3,500 b/d, considering the field’s average production over the past 3 months, the company said.

PetroRio became operator of Frade field following the close of its acquisition of Chevron Brasil Upstream Frade in March (OGJ Online, Mar. 26, 2019). With the deal, PetroRio gained Chevron’s 51.74% stake in the concession. Petroleo Brasileiro SA holds the remaining 30%.