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PetroRio Acquires Interest in the Wahoo and Itaipu Fields Based in Brazil
Friday 20 November 2020

Brazil-based oil and gas company Petro Rio S.A. (B3: PRIO3) has signed an agreement with Brazilian energy company BP Energy do Brasil Ltda. to acquire interests in Wahoo and Itaipu Fields, the company said.

Terms of the transaction were not disclosed.

Petro Rio intends to acquire interests of 35.7% in the BM-C-30 Block (Wahoo) and 60% in the BM-C-32 Block (Itaipu). Subject to the necessary approvals, Petro Rio will become the operator of both pre-salt fields.

Wahoo, with production potential of over 140m barrels (100% of Wahoo), had oil discoveries in 2008 and carried out formation tests in 2010.

The Wahoo development will allow the company to create another production cluster, which will share all infrastructure with Frade Field (including the FPSO), enabling the capture of synergies, resulting in significant and sustainable lifting cost reduction, while maintaining high levels of safety and efficiency.
Date Published: 20/11/2020