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ANP Approves 40% Stake for PetroRio in Polvo Field

Source: www.gulfoilandgas.com 12/4/2015, Location: South America

Petro Rio S.A. announces that received the confirmation from the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (Agencia Nacional do Petroleo, Gas Natural e Biocombustiveis - ANP) for the approval granted on the Assignment of Rights concerning the 40% stake from Maersk Energia Ltda (Maersk) in the Polvo Field, in the Campos Basin, Brazil.

The approval of this transaction is one more successful step in the implementation of PetroRio's growth strategy based on acquiring producing fields. Thereby, as the Company now holds 100% of this asset, its production and revenues will increase by about 60%.

As already broadly announced by PetroRio, now as the sole owner of Polvo, the Company will invest in its redevelopment and in Enhanced Oil Recovery (EOR), increasing the production and extending the Field's economic life.

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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 

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


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