Petrobras offloads Frade oilfield

Petrobras offloads Frade oilfield

M&A Energy Gas Brazil

Brazil's Petrobras said it has sold its 30% stake in the Frade oilfield to the local oil and gas company PetroRio for $100 million.PetroRio Jaguar Petróleo will pay $7.5 million when it signs the contract and then $92.5 million when it closes the deal, Petrobras said in a statement. The state-owned oil company added it could earn an additional $20 million if a new discovery is made in the field.PetroRio already owned 70% of the Frade field, following the acquisition of Chevron's 51.7% stake earl

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