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Understand How the Oil Company PRIO Bought the Tubarão Martelo Field, a Problematic Asset from the Former OGX, and, with a Brilliant Engineering Project, Created a Super Profitable Operation
The story of the Tubarão Martelo Field is one of the most impressive cases of value creation in Brazil’s oil and gas sector. What started as a troubled inheritance from the failed empire of Eike Batista transformed into a highly profitable operation in the hands of PRIO (formerly PetroRio). The oil company not only rescued the asset but used it as a pillar to become the largest independent company in the sector in the country.
The key to success was a combination of business vision and engineering excellence. PRIO acquired the field and its platform in a strategic transaction and then executed an innovative project to connect its production to a neighboring field. The maneuver eliminated million-dollar rental costs, drastically reduced extraction costs, and breathed new life into the problematic legacy of OGX.
The Troubled Origin, the Legacy of OGX from Eike Batista
To understand PRIO’s success, it’s essential to remember the failure that preceded it. The Tubarão Martelo Field was discovered in 2011 by OGX, Eike Batista’s ambitious oil company. OGX, which had the largest IPO in the history of the Brazilian stock market in 2008, was built on production promises that never materialized.
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In 2013, the house of cards fell, and OGX filed for bankruptcy protection with debts of R$ 13 billion. After a long restructuring, the company changed its name to Dommo Energia and was left with a single relevant asset: the stake in the Tubarão Martelo Field. It was a field with potential but operated by a financially fragile company.
PRIO’s Move: Buying the Tubarão Martelo Field
While many saw only risk, PRIO saw an opportunity. The company executed a two-phase acquisition. The first, in August 2020, was the purchase of 80% of the field and 100% of the FPSO OSX-3 platform for US$ 140 million. Owning the platform was crucial to eliminate rental costs.
The second and decisive phase occurred in 2022, with the complete incorporation of Dommo Energia. This allowed PRIO to secure 100% of the field’s results and, as a hidden bonus, gain access to a tax credit of R$ 7 billion that Dommo possessed, further optimizing the business’s financial structure.
The Tie-Back That Saved Millions
The true highlight for PRIO was an engineering solution. The Tubarão Martelo and Polvo fields (which PRIO was already operating) were neighbors but produced independently, each with its own platform. The plan was to connect the wells of the Tubarão Martelo Field directly to the Polvo Field platform through an 11-kilometer subsea tie-back.
The project, completed in July 2021 in just 11 months, cost US$ 45 million. The result was immediate: PRIO could dispense with the FPSO it rented for the Polvo Field, generating an annual savings of US$ 50 million. The investment paid off in less than a year, a remarkable achievement in the oil industry.
The Result of the Bet, Efficient Production and World-Class Costs
The combination of operational synergy with financial optimization transformed the Tubarão Martelo Field. The extraction cost (lifting cost) of the cluster, which is a key efficiency indicator, plummeted to less than US$ 12 per barrel, one of the lowest in the industry.
With controlled costs, the cluster’s production stabilized at a robust level, around 15,000 to 16,000 barrels of oil per day. The cash flow generated by this super profitable operation was what gave PRIO the financial strength to make new acquisitions, such as the Albacora Leste field, and solidify its position as the largest and most efficient independent oil company in Brazil.
O **** vendeu tudo de bom da Petrobrás e banco do Brasil e os gados ainda defende. Como ele falou pra Alexandre era uns **** que estava ali protestando. Viro uma lese na frente do supremo.kkkk
Ele vai pagar o correios fazer lucratividade com a previdência dos correios é muito fácil!!!!!
A jogada de desoneração do empreendimento foi deixar de pagar aluguel pela infraestrutura necessária. O bozó vendeu infraestrutura da Petrobrás para a mesma pagar aluguel pelo que era dela. Jogada de mestre.
Empresa privada, nenhuma ligação com o governo nem atual é nem anterior. Foi encontrado pela OGX e entrou em produção em 2013 gov Dilma, e em 2020 que foi vendido para a PetroRio, outra empresa tbm privada. O **** não é um deus pra poder ter governado o país até de 2002 até 2016 sendo ele deputado federal, a culpa aí tem nome é PT, por ter dado permissão para outras empresas explorarem o petróleo que era exclusivo da Petrobras, lembrando só os amigos rei Lula tiveram esse benefício como demonstrou a lava jato que inclusive pegou o Eike. Ver fatos é melhor que inventar história.
Odiot@ é redundância quando um petist@ abre a boka. De dentro do esgpto só pode mesmo sair merdh@.