Termination of the Purchase & Sale Agreement for 80% of BJSA Fields

Source: www.gulfoilandgas.com 2/16/2016, Location: South America

Petro Rio S.A. (PetroRio) was notified by Shell Brasil Petroleo Ltda. of the termination of the purchase and sale agreement for the acquisition of the 80% stake in the rights and obligations of the concession contracts of Bijupira and Salema Fields ("BJSA") and the FPSO Fluminense, used in the production process of both fields, as allowed by the purchase and sale agreement.

Therefore, PetroRio will not go ahead with the transaction originally announced on January 20th, 2015.

PetroRio reassures its growth strategy through the acquisition of producing fields and remains active in seeking investment opportunities that create value for its shareholders. PetroRio holds 100% of Polvo Field, in the Campos Basin, Brazil, and is investing in its redevelopment.




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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  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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