King Maker rig, operated by PetroRio, the largest private oil and gas company in Brazil, completes well intervention in the Campos Basin in record time

Held in a record time of 27 days, the intervention aimed to replace the BCS, Submerged Centrifugal Pumping, equipment responsible for lifting and producing oil.

The King Maker rig, operated by the largest private oil company in Brazil, PetroRio, concluded the third intervention in a year in the Tubarão Martelo field, in the Campos basin, the last one in the TBMT-44 well, informed yesterday (15/02) the company to the market.

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Performed in just 27 days, a record for wells in the field, the intervention aimed to replace the BCS, Pumping Centrifugo Submerso, equipment responsible for lifting and producing oil.

According to PetroRio, the rig has a differential, it is one of the two existing anchored units in Brazil that allow the operation in shallow water depth, typical characteristic of the mature fields of the Campos basin. 

King Maker rig has become a strategic tool for PetroRio

“The King Maker rig has become a strategic tool for PetroRio, as it brings autonomy and flexibility to act in any interventions in the wells, reducing our operating costs and increasing the efficiency of the Tubarão Martelo Field by significantly reducing the response time to any stops,” says Francilmar Fernandes, the company's Director of Operations.

PetroRio completed the acquisition of King Maker in January 2021 and, after an investment in maintenance and improvement, the rig started operating in May of the same year. This movement allowed the company to eliminate the need to hire third-party rigs, avoiding spending and mobilization time, reducing the cost of well intervention by 56%, in addition to allowing interventions to be carried out in a shorter period of time.

“This movement goes through all of PetroRio's strategic aspects, significantly improving response times, increasing sustainability and operational efficiency, reducing operating costs, preserving production and increasing the safety of its assets”, completes the executive.

PetroRio celebrates the best result in its history

PetroRio celebrates the unprecedented results of 2021, a year with important operational successes, achievements that prepared the company for the next cycle of growth. “Although it was a year with many challenges, in addition to the effects of the pandemic, our employees excelled in every way and were largely responsible for the company's success”, says the company's CEO, Roberto Monteiro.

The largest independent oil and gas company in Brazil had net income (ex-IFRS 16) of BRL 1,3 billion in the period, an increase of 152% compared to 2020; net revenue of R$ 4,4 billion, which represented growth of 128% compared to the same period of the previous year. In addition, the company set a production record (31,6 Mboepd) and sales, with 11 million barrels, the highest volume already recorded in a year, as well as reached its lowest lifting cost, just when the value of brent is valued. 

“The main operational highlights of 2021 were the conclusion of the tieback between Polvo and Shark Hammer (TBMT) and Wahoo's declaration of commerciality. In the financial area, the growth in sales and the increase in the price of brent, which reached its highest level in the last seven years in October 2020, in addition to the reduction in operating costs, as a result of the tieback of Octopus and TBMT. Thus, PetroRio recorded the highest net revenue, a reflection of the company's consistent work in seeking to optimize resources and operational efficiency. The result is a reduction in costs, which finances a large part of the investments to increase production, also reducing the carbon footprint by reducing units in production”, celebrates Monteiro.

“PetroRio has been consistently monitoring liquidity and the degree of leverage. After issuing bonds worth US$600 million in June 2021, the company carried out, during the last quarter of 2021, the full discharge of all other debts, leaving the bond as the only current funding. This reinforces the greater robustness of the capital structure that we have been seeking, focusing on longer-term horizons, facilitating financial planning and making the company more prepared for inorganic growth, an important pillar of growth”, says Monteiro.

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