Petroreconcavo To Invest 150 Million Dollars In Rio Grande do Norte

Written by Paulo Nogueira

Published on 07/05/2019 at 01:00

Updated on 06/05/2019 at 22:29

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The Company Petroreconcavo, Which Recently Acquired 34 Mature Fields from Petrobras in the Potiguar West Region, Plans to Invest 150 Million Dollars in Rio Grande do Norte

Onshore oil exploration will gain new momentum in Rio Grande do Norte with the arrival of Petroreconcavo S.A., which recently acquired 34 mature fields from Petrobras in the West region. The announcement was made during a visit to Governor Fátima Bezerra by the company’s administrator and president, Marcelo Campos Magalhães, this Monday, May 6.

“Initially, we will work with three rigs and we estimate to create about 70 to 80 jobs per rig,” Marcelo said to the governor’s office, accompanied by executives Troy Finney (operations director), Juan Alves (native of Currais Novos, graduated from UFRN, operations manager), and Davi Carvalho (legal manager).

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Marcelo reported that 150 million dollars will be invested over the next five years, the same period in which they intend to double oil production in the area known as Riacho da Forquilha, which currently produces between 6,000 and 8,000 barrels per day.

The subsidiary of Petroreconcavo, Potiguar E & P, will also explore natural gas production, and the company’s president has already indicated that they intend to create the necessary conditions to offer gas at a more competitive price. “We must thank this wonderful reception and emphasize that our project will have a very positive impact on the state,” he stated.

Installed for 19 years in Brazil, Petrorecôncavo explores oil in 17 fields in Bahia, where it produces about 4,500 barrels per day and stands out for its extensive experience in increasing productivity in so-called mature fields.

To begin activities in RN, scheduled for the month of October, after completing licensing and authorization stages with regulatory agencies, the corporation is establishing a local company – Potiguar E & P (Exploration and Production) – which will be based in Mossoró and is expected to generate at least 200 direct jobs at production sites, in addition to the employees who will work in the administrative sector.

The governor expressed enthusiasm about Petrorecôncavo’s acquisition of these fields and emphasized the importance of strengthening the production chain in the oil sector, as since Petrobras reduced oil exploration in RN, it has caused unemployment and a decline in tax revenue. “If this company had not acquired these fields, they would certainly have been returned, and we would have many job openings closed. Now we can count on a new phase in oil exploration in the state,” Fátima reaffirmed.

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Petroreconcavo To Invest 150 Million Dollars In Rio Grande do Norte

The Company Petroreconcavo, Which Recently Acquired 34 Mature Fields from Petrobras in the Potiguar West Region, Plans to Invest 150 Million Dollars in Rio Grande do Norte

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Petroreconcavo To Invest 150 Million Dollars In Rio Grande do Norte

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