PetroRio takes over oil field from Chevron

PetroRio takes over oil field from Chevron

M&A Energy Brazil

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 bloc

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