PetroRio Buys Chevron’s Frade Stake

January 30, 2019

Frade FPSO (File photo courtesy SBM Offshore)
Frade FPSO (File photo courtesy SBM Offshore)

Brazilian independent PetroRio announced Wednesday that it has acquired Chevron’s stake in the deepwater Frade field in the Campos Basin offshore Brazil for an undisclosed sum.

The share purchase agreement sees the U.S. supermajor sell its 51.74% stake in the producing field, increasing PetroRio’s working interest in the concession from 18.26% to 70%. Petro Rio will also take over as the field’s operator.

Frade, a subsea development with wells tied back to a floating production, storage and offloading vessel (FPSO), produced first oil in 2009.

With the transaction, PetroRio said its combined production at Frade will reach 15,000 boepd, raising the company's total production to approximately 28,000 boepd. In addition, the company expects 2P reserves to reach 83.6 million barrels.

The transaction also includes Chevron’s 50% operated interest in the deepwater CE-M715 Block in the Ceara Basin offshore Brazil.



Current News

Australia Reviewing Equinor Environmental Plan

Australia Reviewing Equinor Environmental Plan

Equinor, SSE Win Contract for Largest Offshore Wind Project

Equinor, SSE Win Contract for Largest Offshore Wind Project

Liberator Pilot Well Plugged and Abandoned

Liberator Pilot Well Plugged and Abandoned

Petrofac Sells Mexico Assets to Perenco

Petrofac Sells Mexico Assets to Perenco

Petronas Q2 Profit Rises 8%

Petronas Q2 Profit Rises 8%

Allseas Scores Gyda Platform Removal Job

Allseas Scores Gyda Platform Removal Job

Monitoring, and Addressing, Crude Quality in Real-time

Monitoring, and Addressing, Crude Quality in Real-time

Subscribe for OE Digital E‑News

OE Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week