Progress in onshore oil and gas production by PetroReconcavo ensures greater visibility for the company in the oil market

The Ativo Potiguar, onshore field of the oil extraction company PetroReconcavo, had a leap in its production in relation to the month of January of this year. In February, the onshore field increased its oil production by 8,3%, in addition to an increase of 30,8% compared to the fourth quarter of last year (4Q21). In gas production, the company also reaped excellent results: the difference from February to January was 13,4%, and, as for 4Q21, the increase was 52,6%, that is, an amount greater than half of production . 

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At Polo Miranga, another equally onshore field, the results were also significant. PetroReconcavo took possession of this onshore field on December 7 of last year, and since then, average daily production has only grown. Until December 6, under another supervision, the average daily result was 3.406 barrels of oil; in February, that number reached 4.290 barrels of oil, that is, 30,6% more.

Check the following table, provided by PetroReconcavo's Monthly Production Bulletin, which contains production data for February 2022

See the comparative chart between the management of PetroReconcavo and the previous company at Polo Miranga, also onshore

The total results of PetroReconcavo's onshore fields were 19,713 barrels of oil equivalent per day (BOEPD), which corresponds to a growth of 4,4% in relation to the month of January. All this represents an excellent effect for the oil company, emphasizing its performance in the natural gas market.

New certification of PetroReconcavo Reserves and Resources points to an increase of 5,3 million barrels of oil equivalent in ownership reserves

PetroReconcavo announced on Monday (07) a new Certification of Reserves and Resources prepared by the independent consultancy Netherland, Sewell & Associates, Inc. – NSAI. The report, which had December 2021 as a reference, includes the reserves of the Polo Remanso, Polo Miranga and BTREC fields, in Ativo Bahia; and the Riacho da Forquilha hub that makes up the Potiguar asset.

The document points to an increase of 5,3 million barrels of oil equivalent, considering gross oil and gas reserves classified as 2P compared to the previous report. The volume of new 2P reserves created totaled 10,8 million barrels of oil equivalent. Considering the accumulated production of 5,5 million barrels of oil equivalent during 2021, the recorded reserve replacement rate was 196%. There was also a significant increase of 125,5% over the calculation of the present value of estimated future revenues (PV10), which totaled approximately 2 billion dollars. To know more, click here and check it out this CPG article in its entirety.