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Petro Rio was founded in 1979 as a private oil company with the purpose to explore and produce oil and gas from the Campos Basin, located off the coast of Rio de Janeiro state. Petro Rio entered the Stock Exchange of Rio de Janeiro (“BM&FBOVESPA”) in 1999, becoming a publicly held company. In 2004, Petro Rio acquired the BP group's assets, which granted it the control over six exploration blocks located in the Campos Basin.
