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Through the Issuance of Incentivized Debentures, 3R Petroleum Not Only Secures Financing for Its Projects in the Potiguar Basin but Strengthens Its Role in the Oil and Gas Industry with Investments in the Fields of Macau and Salinas Cristal.
3R Petroleum is in the process of preparing to issue incentivized debentures as part of its financing strategy aimed at developing the fields of Macau and Salinas Cristal, located in the promising Potiguar Basin. In order to leverage these projects, the company has already submitted a request to the Ministry of Mines and Energy (MME) for them to be designated as priority investments, which would confer the advantage of issuing debentures with tax exemptions.
Oil Company Seeks Financing and Tax Exemptions to Develop Strategic Projects in the Region
The incentivized debentures, debt instruments issued by companies, represent a viable option to raise funds for infrastructure projects.
Moreover, these securities offer tax benefits, including exemptions or reductions on income tax on gains obtained.
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The success story of 3R Petroleum in debenture issuances is already remarkable, with five successful issuances, the most recent occurring in June, totaling an impressive R$ 2.4 billion in fundraising.
Financial Strategy Aims to Boost the Development of Oil Fields and Strengthen the Company’s Position in the National Energy Sector
The fields of Macau and Salinas Cristal were acquired by 3R Petroleum in 2019, when the company purchased a package of seven onshore fields from Petrobras for a total of US$ 191.1 million.
This acquisition also included fields such as Aratum, Serra, Lagoa Aroeira, Porto Carão, and Sanhaçu.
At that time, these mature fields were producing about 5,800 barrels of oil equivalent per day (boe/day).
However, recent production data from 3R indicate that the Macau Pole, solely in July 2023, reached an average of 6,500 boe/day.
A unique feature of these assets is their location, situated at the boundary between land and sea, with a portion of their reservoirs located in shallow waters.
Additionally, their infrastructure is integrated with the Potiguar Pole, also acquired from Petrobras in the state of Rio Grande do Norte.
This acquisition was completed this year, making 3R Petroleum the owner of the Guamaré Pole and the Clara Camarão refinery.
This resulted in a majority stake of private companies in the exploration of oil and natural gas fields in the state.
The planned investment for the Macau Pole is estimated at R$ 700 million.
This amount will be directed toward the revitalization and drilling of new wells, as well as improving oil recovery through water injection and modernization of processing infrastructure.
Between 2021 and 2022, the National Agency of Petroleum, Natural Gas, and Biofuels (ANP) approved revisions to the investment plans, extending the exploration contracts until 2052.
Investments by 3R Petroleum in the Fields of Macau and Salinas Cristal, in the Potiguar Basin
Detailing the projects in question, in the Macau field, the plan involves revitalization and redevelopment, including drilling 7 new wells, 2 horizontal wells, and 4 horizontal side-tracks.
In addition to a series of other interventions aimed at optimizing oil recovery and increasing the fluid processing capacity of surface facilities.
The estimated investment for this project will be R$ 521.7 million.
In the Salinas Cristal field, the project includes revitalization and redevelopment with various strategies.
Such as implementing new methods of crude oil production, building an oil-water separation plant, and water injection.
The adoption of water injection projects for secondary recovery, replacement of lifting systems with more efficient equipment, drilling new wells to optimize reservoir drainage, and performing workovers focused on new areas of the reservoirs.
The planned amount for this project will be R$ 179.5 million.
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