By Jeffrey T. Lewis


SÃO PAULO--Petro Rio SA said Thursday it expects to complete the purchase of a 90% stake in Brazil's Albacora Leste oil field after making payment to seller Petróleo Brasileiro SA, also known as Petrobras.

Petro Rio signed the purchase agreement for Petrobras's Albacora Leste oil field in April of last year for a fixed price of $1.95 billion, including $293 million paid at that time. The remainder of the sale amount was paid Jan. 26, corrected by certain price adjustments, Petro Rio said.

The Albacora Leste field produced its first oil in 1998 and currently has output of about 32,000 barrels a day, Petro Rio said. The company said it would take over operation of the Albacora Leste field after a transition period, once closing procedures are completed.


Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com


(END) Dow Jones Newswires

01-26-23 0936ET