Inpex Corp. said it sold its stake in Brazil's Frade oil field to Petro Rio SA through its affiliate Inpex Offshore North Campos, Ltd.
Inpex Offshore North Campos was created in partnership with Sojitz Corp. and Japan Oil Gas & Metals National Corp., according to an Oct. 3 news release from Inpex.
Inpex said the financial returns of the project were limited by the resource depletion of the field and the decline of oil prices.
The project started production in 2009.
In March, Petro Rio acquired a 51.74% stake and operatorship of the Frade field from Chevron Corp.'s subsidiary Chevron Brasil Upstream Frade Ltda.
