PetroRio's investment in the asset should reach US$ 60 million in revitalization projects for the Polvo field in the Campos basin

Monday (30/09) brought good news to the Brazilian offshore oil and gas sector. The national oil company PetroRio announced an investment of US$ 20 million in the Polvo field, in the Campos basin. See too ! Production by the Brazilian oil company grows 36 percent and reaches 20,2 barrels per day.

The amount will be invested in the third phase of revitalizing the asset, which will involve a drilling campaign, another piece of good news for rigs waiting for contracts in Brazilian waters.
After a study that identified 22 additional drilling opportunities in the Polvo field, it is estimated that up to four wells will be needed for the asset volumes to increase to somewhere between 3 million and 6 million barrels of oil.

Financial Services

To make the investment viable, PetroRio obtained a financing line with Citibank in the amount of US$ 48 million, but the company's estimate is that in the new revitalization phase, up to US$ 60 million will need to be invested.

The oil company even announced the new campaign for January this year, when it declared that it had reached an agreement with the Chinese bank CIBC, for a loan of US$ 60 million.

The Polvo field had a peak production of 10 barrels per day in December last year, but its annual average was 8.626 barrels per day of oil.
Campo de Polvo is located in the Campos Basin, approximately 100 km from the east coast of the city of Cabo Frio, State of Rio de Janeiro.

Also read here on your CPG portal! Oil fields that will be offered in the mega auction of the transfer of rights to be held in October, will generate R$ 52,5 billion per year for the public coffers!