Onshore Oil And Gas Company PetroReconcavo Reports BRL 1 Billion Revenue In 2021, Up 32.1% From 2020

PetroReconcavo, A Company Operating In The Onshore Oil And Gas Segment For 22 Years, Reported A Net Profit Of R$ 176.9 Million In 2021

PetroReconcavo announced on Wednesday (23) its excellent financial and operational results for the year 2021. The independent onshore oil and gas producer surpassed a net revenue of R$ 1.04 billion in 2021, with R$ 285 million alone in the last semester of 2021, representing a growth of 38.1% compared to the same period in 2020. The net profit was R$ 176.9 million and EBITDA was R$ 535 million, more than double that of 2020.

The onshore oil and gas company also shared its cash position – the sum of cash balances and cash equivalents and financial investments – amounting to R$ 872.8 million in 2021.

The operational performance of PetroReconcavo, that is, the daily average of equivalent oil barrel production for the year was 12,391, an increase of 11.2% compared to 2020. The company highlights the Potiguar Asset, which registered an increase of 20.3% compared to the same period in 2020. Of this percentage, 11.2% of the growth refers to oil production and 69.1% refers to the increase in natural gas production.

Recomendado para você

Oil and Gas

Major Oil, Gas, and Energy Event Will Take Place in Brazil: Macaé Energy Will Gather Petrobras, Equinor, Prio, Among Other Suppliers and Energy Executives for Business, Networking, and Employment Opportunities

The Technical Agenda and the Fair in the City of Macaé Should Boost Discussions on Investments, Energy Transition, and Development of the Oil, Gas, and Energy Chain in the National...

Paulo Nogueira

1

The CFO of PetroReconcavo, Rafael Cunha explains that the positive results of the onshore oil and gas producer are due to several factors, such as the start of the drilling campaign in the Potiguar Asset and the acceleration of investments in the organic development of PetroReconcavo’s production, highlighted from the beginning of the second semester.

Cunha also talks about the acquisitions made by PetroReconcavo at the end of 2021 of the Remanso Pole, which had previously been operated by the onshore oil and gas producer, and the Miranga Pole, operated as of December 7, both in the state of Bahia. “The recent acquisitions will contribute to the continuity of our production growth, especially in Natural Gas, where we see great potential. And, on January 1 of this year, we began supplying natural gas to the distribution companies Potigás, PBGás, and Bahiagás, in addition to contracts for the sale of LPG and condensate. Our focus is to further accelerate our expansion plan and be the main supplier of natural gas in the Northeast,” concludes Rafael.

About The Company

Founded 22 years ago, PetroReconcavo is an independent operator of oil and natural gas and one of the leaders in its field of operation in Brazil. The company specializes in the operation, development, and revitalization of mature fields in onshore oil and gas basins and was one of the first private companies focused on this segment to operate in Brazil after the end of the state monopoly and the enactment of the Petroleum Law in 1997.

 The PetroReconcavo has a total of 60 fields, being the operator of 58 of them, which are in the production phase. The company operates 32 fields in the Potiguar Basin and 26 in the Recôncavo Basin.

PetroReconcavo Increases Oil And Gas Production In Onshore Fields

The Potiguar Asset, an onshore field of the oil extraction company PetroReconcavo, experienced a leap in its production compared to January 2022. In February, the onshore field increased its oil production by 8.3%, in addition to a 30.8% increase compared to the last quarter of last year (4Q21). In gas production, the company also achieved excellent results: the difference from February to January was 13.4%, and regarding 4Q21, the increase was 52.6%, meaning an amount greater than half of the production. To learn more, read the full article by clicking here.