Petrobras Completes its Exit from the Frade Field

Petrobras Completes its Exit from the Frade Field

Petrobras company announced that it has completed its 30% stake sale from the Frade field, located in the Campos Basin, to PetroRio Jaguar Petrolelo Ltda, a subsidiary of PetroRio S.A that holds the remaining 70% share, a press release reported.

This transaction was completed by the payment of $36 million to Petrobras, which is the amount resulting from the payments foreseen in the contract and with the applicable adjustments. It should be noted that $7.5 million has been paid to the company before at the contract signature. In addition, Petrobras may receive another $20 million if a potential new commercial discovery occurred in the field.

The statement elaborated that the transaction also includes the sale of the stake of Petrobras Frade Inversiones S.A (PFISA), which is a subsidiary of Petrobras, in the company of Frade BV to Petrorio Luxembourg to hold the 100% stake now.


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