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Advancement in Onshore Oil and Gas Production by PetroReconcavo Ensures Greater Visibility for the Company in the Oil Market
The Potiguar Asset, an onshore oil extraction field of PetroReconcavo, experienced a significant leap in its production compared to January of this year. In February, the onshore field increased its oil production by 8.3%, in addition to a 30.8% increase compared to the fourth quarter of last year (4Q21). In gas production, the company also achieved excellent results: the difference from February to January was 13.4%, and regarding 4Q21, the increase was 52.6%, meaning an amount greater than half of the production.
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At the Miranga Pole, another onshore field, the results were also significant. PetroReconcavo took over this onshore field on December 7 of last year, and since then, the average daily production has only grown. Until December 6, under different supervision, the average daily result was 3,406 barrels of oil; by February, this number reached 4,290 barrels of oil, or 30.6% more.
Check the table below, provided by PetroReconcavo’s Monthly Production Bulletin, which contains the production data for February 2022
See the Comparative Chart Between PetroReconcavo’s Management and the Previous Company at the Miranga Pole, Also Onshore
The total results from PetroReconcavo’s onshore fields were 19,713 barrels of oil equivalent per day (BOEPD), representing a 4.4% growth compared to January. All of this signifies an excellent effect for the oil company, emphasizing its performance in the natural gas market.
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New Certification of Reserves and Resources from PetroReconcavo Points to an Increment of 5.3 Million Barrels of Oil Equivalent in Ownership Reserves
On Monday (07), PetroReconcavo released a new Certification of Reserves and Resources prepared by the independent consultancy Netherland, Sewell & Associates, Inc. – NSAI. The report, which referenced December 2021, includes the reserves from the fields of the Remanso Pole, Miranga Pole, and BTREC in the Bahia Asset; and the Riacho da Forquilha Pole, which is part of the Potiguar Asset.
The document indicates an increment of 5.3 million barrels of oil equivalent, considering the gross oil and gas reserves classified as 2P compared to the previous report. The volume of newly created 2P reserves totaled 10.8 million barrels of oil equivalent. Considering the cumulative production of 5.5 million barrels of oil equivalent during 2021, the recorded reserves replacement rate was 196%. There was also a significant increase of 125.5% in the calculation of the present value of estimated future revenues (PV10), which totaled around 2 billion dollars. To learn more, click here to see this article from CPG in full.
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