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The Oil Company, Founded 23 Years Ago in Bahia, Will Invest About 1 Billion Reais in 60 Mature Oil Fields in the Interior of Bahia and in Rio Grande do Norte That It Acquired from Petrobras in Recent Years.
Only in these assets, the company intends to expand the average daily production from 24,000 barrels of oil equivalent (boe) to 37,000 barrels per day by 2027. “There’s still a lot of room to grow,” says Marcelo Magalhães, CEO of PetroReconcavo.
Learn about PetroReconcavo’s acquisitions for this growth. After capitalization, the company was actively involved in Petrobras’s divestment process. It first acquired the Riacho da Forquilha Complex in the Potiguar Basin (RN) in 2019. The following year, it completed the acquisition of the Miranga and Remanso hubs in the Recôncavo basin. In December, it acquired 100% of Maha Energy Brazil for US$ 144 million (about R$ 750 million).
The new assets include the Tiê concession in the Recôncavo basin and a 75% stake in the Tartaruga concession (in partnership with Petrobras) in the Sergipe Alagoas basin. The combined production from these centers was 2,867 barrels last year. And it doesn’t stop there: PetroRecôncavo expects to partner with Eneva this year to complete the acquisition of the Bahia Terra Hub — one of the last assets in the Petrobras divestment process that will be very useful to the company’s business. The hub has a production capacity of approximately 11,000 barrels per day.
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PetroReconcavo CEO Criticizes ANP Policy
In the interview, Marcelo Magalhães took the opportunity to criticize a recent decision by the National Agency of Petroleum, Natural Gas and Biofuels (ANP) to cease operations at the Bahia Terra Hub due to safety concerns. In addition to generating jobs and income in the area, the hub collected about R$ 200 million in royalties.
However, ANP decided to form a working group to monitor the situation on-site and clarify the necessary actions for a gradual and complete resumption of production, as stated in the note, but did not set a deadline. “Operational safety is no joke. I don’t have deep knowledge of these facilities, but it seems to me this is a classic case where the medicine kills the patient instead of the disease,” said the president of PetroRecôncavo.
“Petrobras’s management does not deny that there are problems, but the immediate risk does not exist. It simply isn’t possible for this type of operation we have here to produce anything resembling what happened in Mariana and Brumadinho, which does not exist. Far from it. ‘It’s the wrong drug that harms Bahia, and it’s necessary to react as much as possible to that,’” said the executive.
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