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Petrobras concludes sale of Frade field

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Oilfield Technology,

Petrobras has completed the sale of its 30% participation in the Frade field, located in the Campos Basin, north coast of the state of Rio de Janeiro, to PetroRio Jaguar Petróleo Ltda., a subsidiary of Petro Rio S.A. (PetroRio), which holds the remaining 70%.

The transaction also included the sale of the entire stake held by Petrobras Frade Inversiones S.A. (PFISA), a subsidiary of Petrobras, in the company Frade BV to Petrorio Luxembourg, which now holds 100% of Frade BV.

After fulfilling the previous conditions, the operation was concluded with the payment of US$36 million to Petrobras, an amount resulting from the payments foreseen in the contracts and with the applicable adjustments. This value adds to the amount of US$7.5 million paid to Petrobras at the sales contract signing.

The amounts paid to Petrobras and in the signing, added to the profit earned, totalled US$100 million. In addition, there is the amount of US$20 million contingent to a potential new commercial discovery in the field, which if it occurs in the future, Petrobras will be entitled to receive.

The Frade field is located about 118 km off the north coast of the state of Rio de Janeiro, at a water depth of between 1050 and 1300 m. Production started in June 2009 and the average production in 2020 was around 20 000 boe/d, of which Petrobras' production stake was around 6000 boe/d.

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