On 28 November 2019, Petrobras issued a press release indicating it signed a sales agreement with PetroRio Jaguar Petroleo Ltda for its 30% working interest in the Frade production concession.     PetroRio will own 100% working      interest in the contract once all formal approvals are granted for the      Petrobras 30% working interest acquisition.  The terms of the deal are that      PetroRio pays Petrobras USD 100 million in two tranches, USD 7.5 million      on contract signature and USD 92.5 million upon formal governmental      approvals.   There is also a USD 20 million      contingency payment related to a possible new discovery in the field.  Petro Rio Jaguar Petroleo Ltda      operator has acquired working interest over several years from Frade Japao Petroleo Ltda with      formal approvals on 1 November 2019, and Chevron Brasil Upstream Frade Ltda      on 2 May 2019. PetroRio      formed two new operating subsidiary companies for the acquisitions. Petro      Rio Jaguar Petroleo Ltda for the 51.7391% working interest formerly held      by Chevron and PetroRio White Shark Petroleo Ltda holding the 18.2609%      working interest formerly held by Frade Japao Ltda.   On 25 March 2019, PetroRio issued a press release indicating it closed on the acquisition of the 51.74% working interest held by Chevron Brasil Upstream Frade Ltda in the Frade production concession. PetroRio formed a new operating subsidiary for this acquisition Petro Rio Jaguar Petroleo Ltda. The new contract equity breakdown is Petro Rio Jaguar Petroleo Ltda operator with 51.74% working interest and partners are Petrobras with 30% interest, and Frade Japao Petroleo Ltda, holds the remaining 18.26%, pending the sale of its working interest to PetroRio that will give it 70%. PetroRio indicated this transaction adds approximately 11 Mbo/d to its production base and 43 MMboe in 2P reserves. It also is studying the possibility to drill a pre-salt prospect to a proposed total depth (PTD) of 4,500 m in 2020.   On 30 January 2019, PetroRio issued a press release indicating it signed a share purchase agreement to acquire the 51.74% working interest held by Chevron Brasil Upstream Frade Ltda in the Frade production concession. With the October 2018 acquisition of the 18.26% in Frade Japao, PetroRio will be the operator with a 70% working interest in the contract once all formal approvals are granted. The remaining partner is Petrobras with 30% working interest. PetroRio reported that remaining 2P reserves in the Frade Field are 57.8 MMbo. The deal value has yet to be officially reported but is speculated to be in the USD 500 million range.  On 22 March 2017, the ANP granted operator Chevron approval for a partial modification of its Frade development plan approved previously by the agency on 9 December 2016. The agency made modifications to several of the conditional requirements for the granting of the advanced 16-year extension with possible additional extensions.  On 9 December 2016, the ANP approved an advanced 16-year extension for the Chevron operated Frade production concession in the Campos Basin. The contract now has a final expiry date of 31 December 2041 which was extended from the original expiry date of 30 July 2025. Previously the ANP approved a modified development plan for the contract on 30 March 2016.
On 28 November 2019, Petrobras issued a press release indicating it signed a sales agreement with PetroRio Jaguar Petroleo Ltda for its 30% working interest in the Frade production concession. PetroRio will own 100% working interest in the contract once all formal approvals are granted for the Petrobras 30% working interest acquisition.