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PetroRio CEO Says Focus in 2020 on Integration of Tubarão Martelo Field
The independent Brazilian oil company PetroRio will focus this year on integrating the Tubarão Martelo field with the Polvo field in the Campos Basin.
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PetroRio announced the acquisition of the offshore Tubarão Martelo field from Dommo Energia and the production unit in the area (OSX-3 FPSO) in February and expects regulatory approvals for the purchase in the coming months.
“It is more efficient in terms of operational investment to focus on this connection now. We will be able to add new reserves at costs around five dollars per barrel, so that is our priority,” said CEO Roberto Monteiro in a conference call about the first quarter results on Monday.
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The plan is to integrate the area with the neighboring Polvo field, creating synergies that will allow the company to decommission its Polvo FPSO.
The investment is estimated at US $ 50 to 60 million, which will be included in the company’s investments for 2021, Monteiro said.
This project has become even more important after the drop in oil prices forced the company to postpone revitalization programs in the Polvo and Frade fields.
As a result, the company postponed all planned investments from March to December, except for US $ 10 million that will be used for operational maintenance. To deal with the crisis, the company is also considering the possibility of issuing bonds in the North American market, Monteiro said.
PetroRio recorded a net profit of 128 million reais (US $ 22.3 million) in the first quarter, compared to a loss of 38 million reais in 1Q19. Revenue totaled 223 million reais, a 60% increase compared to the previous year.
Production reached 23,400 boe/d, a 102% increase compared to the first quarter of last year.
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