Japan JV Sells Frade Stake to PetroRio


Japan's Inpex Corp, Sojitz Corp and Japan Oil, Gas and Minerals National Corp (JOGMEC) said on Thursday they exited the Frade oil field in Brazil by selling their stakes to partner PetroRio S.A.

The three entities, which owned an 18.3% stake in the oil field through a joint venture, did not disclose the sale price.

Inpex, Japan's top oil and gas company, said it decided to sell its stake as declining oil output and lower oil prices reduced the project's contribution to its profit.

Trading house Sojitz said separately that it offloaded its holding due to decreased oil output and weaker oil prices, and as it shifts its focus to the development of mid- and down-stream energy businesses from up-stream business as part of a strategy.

State-run JOGMEC said the sale was completed on Sept. 11 and the deal reflected its Japanese partners' decisions to improve their asset portfolios in the face of lower output and a fall in oil prices.

(Reporting by Yuka Obayashi; Editing by Kim Coghill and Subhranshu Sahu)

Floating Production Week delivers unrivaled overview, insight and analysis to the Offshore Floating Production Systems and Technology market

Floating Liquefaction and Regasification Report And Online Database

  • Annual reports -- Our new 150-page report is the first professional effort to systematically look at the universe of FLNG and FSRU projects in the planning stage – and categorize the likelihood of each making the development investment hurdle.
  • Online database -- The online database is updated every day – with information direct from primary sources. The database is fully searchable. Customized charts and spreadsheets can be directly produced from the database.
  • Customer support -- We are available to assist with technical questions about information in the database and reports -- and assist with any questions about using the database search tools.

Here's what you get!

Request Free Trial