PetroRio Stops Producing Oil in Recôncavo

Written by Renato Oliveira

Published on 01/05/2019 at 15:41

Cowan compra unica participação onshore da PetroRio

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Petrobras Sold Its Last Stake in Brazilian Onshore from Recôncavo and Now Focus Is Exclusive on Pre-salt Fields

PetroRio has stopped producing Oil onshore, the Brazilian Oil Company announced the sale of its only stake in land fields to Cowan.
Cowan Oil and Gas acquired the 10% that PetroRio held in the BT-REC-37 contract, and now the company holds 100% of the area called block REC-T-158.

The land field located in the Recôncavo basin was acquired by Cowan in the ninth bidding round in 2007.
Cowan is a regular participant in Brazilian land blocks and already operates blocks REC-T-194, REC-T-208, REC-T-209, REC-T-268, and REC-T-281, also in Recôncavo, as well as blocks ES-T-496, ES-T-506, and ES-T-516, in the Espírito Santo Basin.

ARTICLE CONTINUES BELOW

New Focus of PetroRio

The Brazilian PetroRio ex-HRT, when it started, focused on the Solimões Basin, but has grown and today the company’s focus is on offshore fields.

It is worth noting that the Oil Company recently acquired the Frade asset from Chevron and saw its production last month (March) increase by 70% compared to February and 125% compared to the same period last year.

Another deal of PetroRio in the Brazilian offshore is in the Polvo field, where the company plans to invest even more as part of the field revitalization plan, an activity aimed at increasing recovery rates of the field and extending its lifespan.

PetroRecôncavo closed a deal with Petrobras and will pay US$ 384 million for 34 Petrobras fields in the Mossoró region, in Rio Grande do Norte, thus the state-owned company’s divestment plans are going strong. Click here to see more!

PetroRio Stops Producing Oil in Recôncavo

Petrobras Sold Its Last Stake in Brazilian Onshore from Recôncavo and Now Focus Is Exclusive on Pre-salt Fields

New Focus of PetroRio

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Petrobras Sold Its Last Stake in Brazilian Onshore from Recôncavo and Now Focus Is Exclusive on Pre-salt Fields

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