Moody's casts positive outlook on PetroRio

Moody's casts positive outlook on PetroRio

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Moody's said Wednesday that it has put a positive outlook on ratings for Brazilian oil and gas company PetroRio, saying the acquisition of the Albacora Leste oil field will increase production and reserves. PetroRio agreed last week to pay as much as $2.2 billion to buy 90% of deep-water oil field from state-owned oil company Petrobras. Following the acquisition, PetroRio is expected to increase production by 60% and add around 240 million barrels in reserves, Moody's said. The Albacora Leste fi

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