Petro Rio buys stake in Brazil oil block from Total

The logo of French oil and gas company Total is seen in Rueil-Malmaison, near Paris, France, March 2, 2021. REUTERS/Benoit Tessier

RIO DE JANEIRO (Reuters) – Brazilian oil company Petro Rio said on Thursday it had bought a 28.6% share in the Wahoo oil field off Brazil’s coast from France’s Total SA, upping its ownership of the area.

That raises Petro Rio’s total stake in the block to 64.3%, after purchasing a stake from BP last year.

Petro Rio said in a securities filing that Wahoo had potential to produce more than 140 million barrels.

The company expects to $800 million in capital expenditures related to developing the Wahoo field.

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