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In a statement issued on Friday, PetroRio said the regulator had sent written confirmation that it no longer opposed the acquisition from Danish group Maersk. No financial details were given.
"The approval of this transaction is one more successful step in the implementation of PetroRio's growth strategy based on acquiring producing fields," the Rio de Janeiro-based company said.
PetroRio, formerly known as HRT, said its production and revenues from the field would rise by 60%.
ANP rejected the acquisition in October last year, citing unspecified anomalies in "economic indicators" presented by PetroRio.
Located in the Campos basin off Brazil's southeast coast, Polvo contains estimated crude reserves of 50Mb with current output of 13,000b/d.