PetroRio's Oil And Gas Production Grows 79% Between January And May 2019

PetroRio’s Oil And Gas Production Grows 79% Between January And May 2019

Written by Paulo Nogueira

Published on 24/06/2019 at 16:13

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PetroRio Achieved Important Advancement in Its Operational Indicators with 79% Growth in Oil and Gas Production in the First Five Months of 2019.

In January, the company produced 11.6 thousand barrels of oil equivalent per day of oil and natural gas. The number rose to 20.8 thousand barrels of oil equivalent/day in May. The increase is primarily due to the incorporation of 52% of the production from the Frade Field, operated by PetroRio since March. PetroRio acquired stakes from Chevron and is awaiting the closure of the purchase of 18% related to Frade Japão. After completion, the company will hold 70% of the asset.

“We are working to maximize the potential of all our assets, with a management focused, first and foremost, on safety, but always looking for synergy opportunities between the fields we operate, those of Polvo and Frade, as well as cost rationalization”, emphasizes Roberto Monteiro, Operations Director of PetroRio.

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As reported in the results disclosure for the first quarter of 2019, PetroRio has already negotiated the sale of about 2 million barrels for the second quarter of this year. Source: PetroRio

PetroRio’s Oil And Gas Production Grows 79% Between January And May 2019

PetroRio Achieved Important Advancement in Its Operational Indicators with 79% Growth in Oil and Gas Production in the First Five Months of 2019.

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