PetroRio Acquires FPSO OSX-3 from Oil Company OGX and 80% of Tubarão Martelo Oil Field in Campos Basin

The Interconnection Between The Polvo And Tubarão Martelo Oil Fields In The Campos Basin Will Generate Cost Reductions, Increased Production, Reserves, And The Economic Lifespan Of Both Fields.

PetroRio, the largest independent oil and gas company in the country, announces today, 03, the purchase of the vessel OSX-3, for US$ 140 million (about R$ 600 million), along with the acquisition of 80% of the Tubarão Martelo Field – where the Floating Production Storage and Offloading unit (FPSO) is currently under charter. The Oil Giant Modec Opens Offshore Selection Process On This Monday Morning

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The two transactions will allow the integration between the Polvo oil field, already operated by PetroRio, and Tubarão Martelo, both in the Campos Basin (RJ).

This is the first initiative by an independent company in the country for the optimization of mature oil fields, with the creation of a hub in the region – all producing oil wells from both fields will be interconnected to the newly acquired FPSO (OSX-3).

“We Studied This Acquisition Thoroughly And Prepared To Implement A Pioneering Strategy For Revitalizing Producing Fields In Brazil. The Two Deals Will Generate Significant Synergies, Cost Reductions, Extended Economic Lifespan Of Both Fields, And Lower Emissions Due To The Integrated Operation. We Also Continue To Adhere To Our Basic Principles Of Safety And Environmental Responsibility”, Emphasizes Nelson Queiroz Tanure, CEO Of PetroRio.

The Combined Operating Costs Of Polvo And Tubarão Martelo, Currently Over US$ 200 Million Per Year, Are Expected To Decrease By About US$ 70 Million Annually After Implementing Synergies With Logistics And Operations, In Addition To The Return Of The FPSO Currently Leased For Processing And Storing Oil From The Polvo Field.

As A Result, PetroRio Estimates That The Production Costs Of The New Hub Could Reach Approximately US$ 15 Per Barrel, Resulting In An Expected Increase In The Economic Lifespan Of The Assets Until About 2035 With A Positive Impact On Production And An Increase Of 40 Million Barrels In Reserves, Totaling 52 Million Barrels Of Oil.

Tubarão Martelo Currently Produces About 5,800 Barrels/Day, But This Volume Could Reach Up To 10,000 Barrels/Day After The Completion Of The Ongoing Revitalization Campaign For The Field. The New Hub Could Achieve An Estimated Production Of 20,000 Barrels/Day From 2021.

Integration Of Polvo And Tubarão Martelo

The Acquisition Of 80% Of The Tubarão Martelo Field Will Include The Assumption Of 100% Of The Operating Costs Of The Oil Field, With The Right To Initially Market 80% Of The Oil Produced.

After The Interconnection Of The Tubarão Martelo And Polvo Oil Fields, Expected By Mid-2021, PetroRio Will Retain 95% Stake In The New Integrated Production Hub; And Dommo (The Current Operator) Will Hold The Remaining 5%. The Investment In Integrating The Two Assets, Only 9 Km Apart, Is Expected To Be Between US$ 50 Million And US$ 60 Million.

PetroRio Counted On The Support Of Prisma Capital As Financial Advisor Throughout The Process, Including The Funding Of US$ 100 Million For The Project.

The Operations Depend On Approval From Regulatory Agencies – Cade And ANP.