PetroRio gives up on selling 10% stake of Manati Field to Gas Bridge


Brazil oil company PetroRio said on Tuesday it has withdrawn from the agreement with Gas Bridge to sell its 10% stake in Manati oil field.

In a securities filing, the company said that preconditions were not met within the contract deadline, without specifying what the conditions were.

In January, Brazilian oil company Enauta Participacoes SA also said it would not sell its stake in Manati field to Gas Bridge, citing a series of commercial and regulatory conditions that have not been met.

“PetroRio sees a promising future for the field, particularly in light of the recent gas market scenario. However, it does not rule out future transactions involving Manati,” it said.