PetroRio, the largest independent oil and gas company in Brazil, concluded yesterday the transaction of purchase of the portion of Campo de Frade corresponding to 51.74% of the concession, previously operated by Chevron. The acquisition was made in January of this year and the process was finalized now, as soon as the conditions precedent and necessary approvals were fulfilled.

The deal opens the participation of PetroRio in the Brazilian pre-salt through the possibility of exploring prospects in a drilling campaign already planned for 2020. These prospects are analogous to the discovery in the Roncador field, with a depth of 4500 meters.

The transaction also represents another step of success in implementing the company's growth strategy, focused on the development of mature fields already in production. With the acquisition, PetroRio's production is increased by 11 thousand barrels per day. Meanwhile, 2P reserves rose to 43 million barrels of oil equivalent.

PetroRio estimates that the acquisition could provide significant cost reductions through operational ground, air and marine synergies and intends to develop a redevelopment plan for the Campo de Frade, which should include drilling and water injection campaigns to be undertaken. defined with the assistance of the Geology, Well Engineering and Reservoir Teams of the Company.

"We hope to replicate the success achieved in the Povo Field also in Frade, increasing the useful life of the Field in more than 10 years.To do this, we will adopt our differentiated method of management, trapped by efficiency, cost reduction, financial discipline and meritocracy "said Nelson Queiroz Tanure (photo), CEO of PetroRio.

In addition to Frade, the transaction includes 50% stake and operation in the CE-M715 deepwater block, a new frontier with oil potential with investments announced by international players with interests in blocks in the region.

PetroRio also informs that it will keep the market updated on the remaining interest of Frade Japan (18.26%), which still awaits previous conditions and internal and external approvals for its conclusion.