Hard Days for Oil Companies! PetroRio Will Also Postpone Investments and Reduce Expenses Due to Coronavirus
PetroRio, a company specialized in asset recovery in production, reservoir management, and redevelopment of mature fields, also joins in the spending cuts during these hard times the world is facing due to the coronavirus.
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The company announced that it will postpone all its investments and reduce expenses to adapt to the crisis scenario after reviewing its business plan. The next step, taken forcibly according to market conditions, is the demobilization of the third phase of the Polvo field revitalization in the Campos Basin. The results of the campaign will be announced in the coming days.
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On the platforms, the company’s operational area, PetroRio has determined the immediate reduction of personnel on board and the extension of the boarding period in these units, to maintain only the essential personnel for efficient and safe production.
Monitoring at the airport has also been conducted since last week, a protocol adopted by the company, with the assistance of a nurse, to check the conditions of those boarding the platforms.
Workers located at the corporate headquarters and onshore units have started working remotely (home office) since the beginning of the week. This measure will remain in effect until at least the 31st, when PetroRio’s management will assess whether it will continue to maintain the same stance. International travel has been suspended, and domestic travel will be limited to essential trips only.
To view the full document released by the company, click the link below.
2020.03.18 – Relevant Fact Covid-19 and Brent Drop_v7 PetroRio

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