PetroRio pulls out of Namibia exploration
RIO DE JANEIRO -- PetroRio is terminating its exploratory activities in Namibia, the company said in a statement.
Following talks with the Namibian government, PetroRio chose not to proceed with its oil exploration licenses in Namibia and, therefore, it will not execute any new investments in that country.
According to PetroRio, the decision is in line with the company's growth strategy, which focuses on acquiring producing fields and reducing exposure to exploratory risk.
