January 31, 2019 |
Brazil's PetroRio said it has agreed to buy Chevron's stake in the Frade deepwater oil field for an undisclosed amount and take over as the operator.
The Rio de Janeiro-based oil company will buy Chevron's 51.7% share and increase its overall stake in the field to 70% from 18.3%. The state-owned energy company Petrobras holds on to 30% of the Frade field, according to a securities filing from PetroRio.
PetroRio also said it will buy Chevron's 50% operated interest in the CE-M715 deepwater block
Rio de Janeiro-based firm increases its stake in the Frade field to 70% and becomes the largest independent oil company in Brazil