Information from PetroReconcavo shows an increase of more than 40% in onshore oil and gas production in 1Q22, compared to 4Q21

This Wednesday, April 13th, the independent onshore oil and gas producer PetroReconcavo – which has intensified its productivity – released the unaudited results of the production of barrels of oil equivalent for the month of March this year.

With more than 20 years of experience in the onshore oil and gas sector, PetroReconcavo stated that the average production in the last month was equal to 19.792 boe/day and, in the total for the first quarter of 2022, it was 19.455. These values ​​correspond to a growth of 42,6% in 1Q22 compared to 4Q21.

As for the Potiguar Asset, located in the Rio Grande do Norte, an average daily production of 11.192 barrels of oil equivalent per day (boe/day) is seen, which is equivalent to an increase of 26,6% in 1Q22 compared to 4Q21. Onshore natural gas production rose 46,6% in 1Q22, while oil generation grew 20,2% compared to the last quarter of 2021.

Another asset that deserves emphasis is Polo Miranga, located in the State of Bahia and managed by PetroReconcavo since December 7, 2021. It reached an increase of 37,1% in average daily production last month compared to average production in November, which was the last month of operation of the previous concessionaire. 

In addition, at the Miranga Complex, on January 1 of this year, the supply of natural gas to the distributors Potigás, PBGás and Bahiagás began, in addition to contracts for the sale of LPG and condensate. It is also worth noting that the asset has the third largest total natural gas production among onshore fields in Brazil. PetroReconcavo continues with the strategy of expanding the representation of Natural Gas in its production and reserves portfolio, which underscores its goal of being the market leader in the Brazilian Northeast region.

The data, provided by the company itself, cover the production of the 33 Potiguar E&P concessions and the 32 operated by the Company, in addition to one concession operated by a partner.

Meet this great onshore oil and gas company

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

In addition, 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. 

The onshore oil and gas company PetroReconcavo invoices BRL 1 billion in 2021, with an increase of 32,1% compared to 2020

PetroReconcavo announced this Wednesday (23) its excellent financial and operating results for the year 2021. The independent onshore oil and gas producer surpassed net revenue of R$ 1,04 billion in 2021, of which R$ 285 million only in the last half of 2021, with growth of 38,1% compared to the same period of 2020. Net income was R$ 176,9 million and EBITDA was R$ 535 million, more than double the year of 2020.

The onshore oil and gas company also shared its cash position – sum of balances and cash equivalents and financial investments – equivalent to BRL 872,8 million in 2021. To learn more, click here on this link and read this article in full.