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PetroRio Replicates the Success of the Polvo Field in Frade, Making the Field More Profitable and Extending Its Economic Life.
On Wednesday, October 2, PetroRio announced that the acquisition of Frade Japão Petróleo Limited (FJPL), which holds an 18.26% interest in the concession and operational assets of the Frade Field, has been completed. The Brazilian Oil Company’s Production Increased by 36 Percent and Reached 20.2 Thousand Barrels Per Day.
From this date forward, the economic result from the 18.26% stake in the Frade Field will be recorded and incorporated into PetroRio’s financial statements.
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Without bricks, without cement, and without endless construction: the cardboard house that is assembled in modules and can be moved.
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Billions of barrels on the equatorial margin could lead Amapá to double its oil production in Brazil — the state aims to enter the route of companies in the Campos Basin, attract investments, and boost jobs and businesses in the oil and gas sector.
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Without bricks, without cement, and without endless construction: the cardboard house that is assembled in modules and can be moved.
“The acquisition represents another successful step in the execution of PetroRio’s growth strategy through the acquisition and development of producing fields,” the company stated.
PetroRio’s reserves will increase by 16 million barrels 2P and production will rise by 3.5 thousand barrels per day, considering the results from the last three months in the Field.
Since acquiring the operation of the field in March 2019, PetroRio has already realized significant cost reductions through land, air, and marine operational synergies throughout Q2 2019 and Q3 2019, impacting the results for the second quarter of 2019.
“With this, the Company replicates the success of the Polvo Field in Frade, making the field more profitable and extending its economic life,” highlighted PetroRio.
The Company Invests 20 Million Dollars in the Polvo Field
Monday (09/30) brought good news to the Brazilian offshore oil and gas sector. The national oil company PetroRio announced an investment of US$ 20 million in the Polvo Field, in the Campos Basin.
The amount will be invested in the third phase of revitalization for the asset, which will involve a drilling campaign, another good news for the rigs waiting for contracts in Brazilian waters.
After a study identified 22 additional drilling opportunities in the Polvo Field, it is estimated that up to four wells will be necessary for the volumes of the asset to increase to around 3 million and 6 million barrels of oil.
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