Increase in PetroRio's production in the second quarter was due to the Frade field, which offset the drop in the Polvo and Manati fields

In an official note this Tuesday morning (09/07), PetroRio reported a 36% increase in its total oil and gas production (boe) in the second quarter of 2019.
The jump was 36% and was due to the increase in production in the Frade field, whose average went from 14,953 barrels of oil equivalent per day (boe/d) from January to March 2019 to 20.272 boe/day from April to June .

Another fact celebrated by the Brazilian oil company was the achievement of the oil sales record, which reached more than 2 million boe in the second quarter, against 544,6 thousand boe in the previous quarter.
It is worth remembering that, at the beginning of the year, PetroRio acquired Chevron's stake in the Frade field, and the asset was added to the company's portfolio, which already has the Polvo field, also in the Campos basin, and the Manati field, in the Camamu-Almada basin, in Bahia.

Expectation of further increase

PetroRio's expectation, however, is to increase production in the Frade field, which was 9,824 thousand boe in the period, with the drilling of new wells next year.

Regarding the Polvo field, which occupies the position of the company's second producer, with 8,523 thousand boe day, PetroRio also plans to increase its production for the second half of this year, carrying out a new drilling campaign.

Production in the Polvo field dropped compared to the first quarter, when production was 9,567 thousand boe/day and in relation to the Manati field, production fell from 2,033 thousand boe day to 1,925 boe day from the first quarter to the second .
The company's explanation in the official note was that the demand from its client (Petrobras) was lower and that this is provided for in the contract, with a minimum remuneration of 2.400 boe day.

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