After Being Overlooked by Petrobras, Rio Grande do Norte (RN) Became Brazil's Largest Onshore Oil Producer Again

After Being Overlooked by Petrobras, Rio Grande do Norte (RN) Became Brazil’s Largest Onshore Oil Producer Again

Written by Valdemar Medeiros

Published on 29/05/2022 at 11:30

Campo de exploração de petróleo no RN (Arquivo) — Foto: Getúlio Moura/Petrobras/Divulgação

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Rio Grande do Norte (RN) Is Strongly Returning to the Onshore Oil Sector and Already Reports a 300% Increase After Petrobras Decided to Stop Investing in Mature Fields a Few Years Ago.

Rio Grande do Norte (RN) has become the largest onshore oil producer in Brazil again after several years, a position it lost when Petrobras decided to stop investing in mature fields, which became unattractive for those focused on the Pre-Salt. The production from RN, which had reached 120 thousand barrels per day, became a “joke” when the state-owned company began focusing its investments on the Pre-Salt. The onshore oil market in RN saw productivity increase with the arrival of independent companies to explore and produce onshore fields.

Rio Grande do Norte (RN) Reports a 300% Increase in the Onshore Oil Sector

After the sale of mature fields and the arrival of independent producers in RN, the state has already reached a stable mark of 35 thousand barrels of oil per day, placing it first in onshore oil production, with a 300% increase since independent companies started operating.

However, the trend is for expansion, and the goal is to surpass previous positions. It is important to emphasize that the sector, before Petrobras’s decision, already accounted for 45% of the industrial GDP, and had been declining since 2010, directly impacting the economy of Rio Grande do Norte (RN) and also its state revenues.

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Business Leaders and Authorities Comment on Petrobras’s Exit from Onshore Oil Production

At the time, the Executive Vice President of the National Organization of the Petroleum Industry (ONIP), Márcio Félix, believed that RN would lead the way and was making significant strides in resuming onshore oil exploration and production operations, serving as a great example for other states.

Félix believed that Petrobras’s sale of assets in shallow waters marked the end of a period of the company’s presence in the national onshore sector and the start of a new phase for the sector with private industry participation.

It is also important to highlight that currently, Rio Grande do Norte (RN) ranks sixth in overall production, but the trend is for expansion with new investments and new technologies. According to the president of PetroReconcavo and Potiguar E&P, Marcelo Magalhães, the state’s onshore market is experiencing a moment of recovery and expansion.

Potiguar E&P Invests US$ 150 Million

In 2020, PetroReconcavo, through its subsidiary Potiguar E&P, acquired Petrobras’s stake in the Riacho da Forquilha Polo fields, marking the first transaction involving onshore fields in mature basins as part of Petrobras’s divestment.

At the time, the company also announced a US$ 150 million investment over five years. According to the company’s CEO, Potiguar E&P is pleased with its operations in the state, considering that it found high-quality labor, skilled individuals, and continues to receive support from the government, Sebrae, and FIERN.

The onshore oil sector is experiencing a new moment, and Rio Grande do Norte has a significant role in this.

After Being Overlooked by Petrobras, Rio Grande do Norte (RN) Became Brazil’s Largest Onshore Oil Producer Again

Rio Grande do Norte (RN) Is Strongly Returning to the Onshore Oil Sector and Already Reports a 300% Increase After Petrobras Decided to Stop Investing in Mature Fields a Few Years Ago.

Rio Grande do Norte (RN) Reports a 300% Increase in the Onshore Oil Sector

Business Leaders and Authorities Comment on Petrobras’s Exit from Onshore Oil Production

Potiguar E&P Invests US$ 150 Million

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After Being Overlooked by Petrobras, Rio Grande do Norte (RN) Became Brazil’s Largest Onshore Oil Producer Again

Rio Grande do Norte (RN) Is Strongly Returning to the Onshore Oil Sector and Already Reports a 300% Increase After Petrobras Decided to Stop Investing in Mature Fields a Few Years Ago.

Rio Grande do Norte (RN) Reports a 300% Increase in the Onshore Oil Sector

Business Leaders and Authorities Comment on Petrobras’s Exit from Onshore Oil Production

Potiguar E&P Invests US$ 150 Million

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Seen from space, an image taken by an astronaut shows an unlikely oasis in the Saudi Arabian desert, protected by a terrain that slows the advance of sand, surrounded by green circles, remnants of an extinct lake and nearly 10,000 years of preserved history.

While in Brazil a 10-story building takes 2 years to complete, in China a company stacks pre-fabricated modules and raises the entire building in just 28 hours and 45 minutes.

An entire island in the Pacific wants to surround itself with a colossal barrier against the ocean to try to escape increasingly violent waves and not be swallowed by the sea in the coming decades.

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