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PetroRio Concludes the Sale of Assets in Solimoes

Source: www.gulfoilandgas.com 10/13/2015, Location: South America

Petro Rio S.A. ("PetroRio"), hereby announces the closing of the transaction for the sale and transfer of all of its interest, and respective rights and obligations, in the Concession Contracts of Oil and Gas located in the Solimoes Sedimentary Basin, to Rosneft Brasil E&P Ltda. ("Rosneft"), subsidiary of Rosneft Oil Company, becoming the holder of 100% of these Concession Contracts.

The Brazilian National Agency of Petroleum, Natural Gas and Biofuels (Agência Nacional do Petroleo, Gas Natural e Biocombustiveis - ANP) granted the approval of the Assignment of Rights in these Concession Contracts of Oil and Gas on July 1st, 2015.

The divestiture of the Solimoes operations is entirely adherent to the PetroRio's strategy of focusing on production assets and minimizing the exposure to the exploration risks.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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