PetroRio faz investimento de 20 milhões de dólares no campo de Polvo

PetroRio Makes $20 Million Investment in Polvo Field

Written by Renato Oliveira

Published on 01/10/2019 at 16:43

PetroRio investe 20 milhões de dólares no campo de polvo

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PetroRio’s Investment in the Asset Should Reach US$ 60 Million in Revitalization Projects for the Polvo Field in the Campos Basin

Monday (09/30) brought good news for the Brazilian offshore oil and gas sector. The national oil company PetroRio announced an investment of US$ 20 million in the Polvo field, located in the Campos Basin. Also See! Brazilian Oil Production Rises 36 Percent and Reaches 20.2 Thousand Barrels Per Day.

The amount will be invested in the third phase of revitalization of 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 needed for the asset’s volumes to increase to around 3 million to 6 million barrels of oil.

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Financing

To enable the investment, PetroRio secured a financing line with Citibank worth US$ 48 million, but the company’s estimate is that up to US$ 60 million will need to be invested in the new revitalization phase.

The oil company announced the new campaign for January of this year, when it declared it had reached an agreement with the Chinese bank CIBC for a loan of US$ 60 million.

The Polvo field peaked at a production of 10 thousand barrels per day in December of last year, but its annual average was 8,626 barrels per day of oil.
The Polvo Field is located in the Campos Basin, approximately 100 km off the east coast of Cabo Frio, State of Rio de Janeiro.

PetroRio Makes $20 Million Investment in Polvo Field

PetroRio’s Investment in the Asset Should Reach US$ 60 Million in Revitalization Projects for the Polvo Field in the Campos Basin

Major Oil, Gas, and Energy Event Will Take Place in Brazil: Macaé Energy Will Gather Petrobras, Equinor, Prio, Among Other Suppliers and Energy Executives for Business, Networking, and Employment Opportunities

Financing

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