PetroRio, a Brazilian oil and gas company, has announced it will not execute any new investments and it is terminating its exploratory activities offshore Namibia.
PetroRio said that, after a long period of conversations with the Namibian government, the company chose not to proceed with its oil exploration licenses in Namibia and, therefore, it will not execute any new investments in that country.
“This decision is in line with the company‘s growth strategy through the acquisition of producing fields and reducing exposure to exploratory risk,” the Brazilian company said on Wednesday.
PetroRio further said the company was focusing in the development of a solid growth platform aiming at generating value for its shareholders.
The company has 10 blocks in the Orange and Walvis sub-basins, offshore Namibia, in partnership with Galp. The portfolio of exploration assets totals more than 75,000 km2.