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Sold By Petrobras, The Poil and Hammerhead Shark Fields Were Integrated With Tie-Back and Doubled Production Under PRIO Management, Becoming a Success Story.
In a market where mature assets are often seen as the “end of the line,” two offshore fields sold by Petrobras proved that, with strategy and technology, there is still significant value to be extracted. The Poil and Hammerhead Shark fields, located in the Campos Basin, were acquired by PRIO (formerly PetroRio) and integrated into a bold operation using tie-back technology — resulting in reduced costs and nearly doubling production in just a few years.
Today, this cluster has become a national reference in the revitalization of offshore fields, demonstrating how marginal assets can be transformed into highly profitable ventures under new management.
The Trajectory: From Devaluation to Strategic Repositioning
The Poil field was acquired by PRIO in 2013 (with a majority stake), and full control came in 2015. Meanwhile, the Hammerhead Shark field, located to the north, was acquired in 2020, following Petrobras and Dommo Energia’s disbandment of the asset.
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Both fields were in production decline and were considered mature assets, with high costs per barrel produced. However, PRIO saw an opportunity: the geographical proximity would allow for an integrated operation, reducing costs and prolonging the life of the reservoirs.
The Technological Turn: The Tie-Back That Changed Everything
PRIO’s boldest bet was the installation of the tie-back, a system that interlinks the production of one field to an already existing platform elsewhere. In July 2021, the cluster was finally connected: oil from the Hammerhead Shark began to be transported through the Poil infrastructure, eliminating the need to maintain two FPSO platforms (Floating Production Storage and Offloading vessels).
As a result, operating costs plummeted and efficiency soared. In just one year after the integration, cluster production grew by approximately 80% compared to the previous average, with reduced resource consumption and greater logistical control.
Additionally, PRIO invested in new drilling, including horizontal wells and advanced recovery technologies, increasing the recovery factor of both fields.
Operational Results That Caught The Market’s Attention
Since the unification of the fields, PRIO has been releasing increasingly impressive figures. In 2022, combined production reached around 20,000 barrels per day, making it one of the largest private operations in shallow waters in the country.
The model implemented by PRIO has also been replicated in other assets of the company, such as Frade and Albacora Leste, which positioned the company as one of the most relevant independent operators in Brazil’s offshore.
The logistical integration and focus on undervalued fields have positioned PRIO as a success case in restructuring and revitalizing oil assets.
More Efficiency, Less Emissions, and Lower Risk
The tie-back model also had positive environmental impacts. By deactivating an FPSO platform, the company reduced greenhouse gas emissions, decreased vessel support movement, and optimized resource usage.
With fewer structures at sea, operational risk and maintenance costs also dropped. This reinforces an important trend in the sector: extracting more from existing fields, with less infrastructure and environmental impact.
Financial Valuation and Market Recognition
The strong operational results of the Poil + Hammerhead Shark cluster have directly contributed to the appreciation of PRIO’s shares (PRIO3) on the Stock Exchange. The company moved from a modest operation in 2015 to a leadership position among private oil companies in less than a decade.
Today, PRIO operates with margins above the industry average, thanks to cost control and focus on assets with high recovery potential — even when seen as the “end of the line” by major players.
The success of the cluster also attracted interest from international investors, who began to see Brazil as a new frontier for efficient private operations in the offshore sector.
The Future of the Cluster: New Wells and Sustainable Production
PRIO has already announced that the Poil + Hammerhead Shark cluster will continue to receive investments. In 2023 and 2024, new drilling campaigns will be conducted, focusing on bypassed oil regions and expanding reservoir capacity.
The goal is to maintain high production until the end of the decade, with the lowest possible cost per barrel, leveraging existing infrastructure and accumulated geological knowledge.
Additionally, the company is studying new secondary recovery technologies (such as water and gas injection) to further increase the recovery factor — a common practice in well-managed mature fields.
The story of the Poil + Hammerhead Shark cluster is a clear proof that assets deemed obsolete can gain new life with intelligent management, innovation, and the courage to invest where few believe.
By connecting the two fields with tie-back technology, reducing costs, doubling production, and transforming a liability into a success story, PRIO not only generated value for its shareholders — but also reshaped the map of private offshore in Brazil.
In times of energy transition and pressure for efficiency, what this cluster represents goes beyond oil: it is the ability to reinvent what seemed exhausted.
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