PetroRio obtained in the first five months of 2019 an important advance in its operational indicators with a 79% growth in oil and gas production.
In January, the company produced 11,6 barrels of oil and natural gas equivalent per day. The number increased to 20,8 thousand barrels equivalent/day in May. The increase is mainly due to the incorporation of 52% of the production of Campo de Frade, operated by PetroRio since March. PetroRio acquired stakes in Chevron and is waiting for the purchase of 18% of Frade Japan to close. Upon completion, the company will hold 70% of the asset.
“We are working to maximize the potential of all our assets, with management focused, first and foremost, on safety, but always looking for opportunities for synergies between the fields we operate, Polvo and Frade, as well as the rationalization of costs”, emphasizes Roberto Monteiro, director of Operations at PetroRio.
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As informed in the earnings release for the first quarter of 2019, PetroRio has already negotiated the sale of around 2 million barrels for the second quarter of this year. Source: PetroRio
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