PRIO takes full control of Itaipu oil field

PRIO takes full control of Itaipu oil field

Corporate & Sovereign Strategy Equity M&A Brazil Capital Markets Oil

Brazilian oil company PRIO said Monday that it agreed to pay up to $27 million to buy out France's TotalEnergies and take full control of the Itaipu oil field off the coast of Espírito Santo. PRIO previously acquired 60% of Itaipu from British oil company BP last year. It will own 100% of the deep-water field after it completes the deal for TotalEnergies' 40% stake. The Rio de Janeiro-based company will pay $75,000 when it closes the transaction, followed by $26.9 million "after Itaipu's destina

Already have an account?

Free trial

Take a free two-week trial now for the latest news, data and market analysis.

Free Trial