PetroRio takes full ownership of Frade field

Petro Rio SA is now sole owner of Frade field, a heavy oil and gas field in Brazil’s Northern Campos basin following conclusion of subsidiary PetroRio Jaguar Petróleo Ltda.’s acquisition of the remaining 30% interest from Petrobras.

The field lies about 118 km off the north coast of Rio de Janeiro in water depth of 1,050-1,300 m. Production started in June 2009 and average production in 2020 was about 20,000 boe/d.

PetroRio gained operatorship of the field in early 2019 following the close of its acquisition of Chevron Brasil Upstream Frade. That deal saw PetroRio add Chevron’s 51.74% stake in the concession to its agreement to acquire 18.26% from Frade Japao Petroleo, a joint-venture formed by Inpex and Sojitz (OGJ Online, Mar. 26, 2019).