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Completed in a Record Time of 27 Days, the Intervention Aimed to Replace the BCS, Submersible Centrifugal Pump, Equipment Responsible for Elevating and Producing Oil.
The King Maker rig, operated by Brazil’s largest private oil company, PetroRio, completed its third intervention in a year at the Tubarão Martelo field in the Campos basin, with the latest being at well TBMT-44, the company informed the market yesterday (02/15).
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Completed in just 27 days, a record for wells in the field, the intervention aimed to replace the BCS, Submersible Centrifugal Pump, equipment responsible for elevating and producing oil.
According to PetroRio, the rig has a differentiator; it is one of the two existing anchored units in Brazil that allow operation in shallow water, a typical characteristic of mature fields in the Campos basin.
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The King Maker Rig Became a Strategic Tool for PetroRio
“The King Maker rig has become a strategic tool for PetroRio, as it provides autonomy and flexibility to act in any interventions in the wells, decreasing our operational cost and increasing the efficiency of the Tubarão Martelo Field by significantly reducing response time to any stoppages,” says Francilmar Fernandes, Operations Director of the company.
PetroRio completed the acquisition of the King Maker in January 2021 and, after an investment in maintenance and improvements, the rig began operations in May of the same year. This move allowed the company to eliminate the need to hire third-party rigs, avoiding costs and mobilization time, reducing the intervention cost of the well by 56%, and allowing interventions to be carried out in a shorter timeframe.
“This move encompasses all strategic aspects of PetroRio, significantly improving response times, increasing sustainability and operational efficiency, reducing operating costs, preserving production, and increasing the safety of its assets,” the executive adds.
PetroRio Celebrates Its Best Results in History
PetroRio celebrates unprecedented results in 2021, a year of significant operational successes, achievements that prepared the company for the next cycle of growth. “Despite being a year with many challenges, in addition to the effects of the pandemic, our employees exceeded expectations in every way and were the main reason for the company’s success,” says the company’s CEO, Roberto Monteiro.
The largest independent oil and gas company in Brazil recorded a net profit (ex-IFRS 16) of R$ 1.3 billion during the period, a 152% increase compared to 2020; net revenue of R$ 4.4 billion, representing a 128% growth compared to the same period of the previous year. In addition, the company set production records (31.6 Mboepd) and sales, with 11 million barrels, the largest volume ever recorded in a year, while also achieving its lowest lifting cost, precisely when the price of Brent is high.
“The main operational highlights of 2021 were the completion of the tieback between Polvo and Tubarão Martelo (TBMT) and the declaration of commerciality of Wahoo. On the financial side, there was growth in sales and the increase in the price of Brent, which reached its highest level in the last seven years in October 2020, along with the reduction in operating costs, a result of the tieback of Polvo and TBMT. Thus, PetroRio recorded the highest net revenue, a reflection of the company’s consistent efforts to optimize resources and operational efficiency. The result is a reduction in costs, which finances a large portion of the investments to increase production, also decreasing the carbon footprint by reducing the number of units in production,” celebrates Monteiro.
“PetroRio has been consistently monitoring liquidity and debt levels. After issuing bonds worth US$ 600 million in June 2021, the company fully settled all other debts during the last quarter of 2021, making the bond the only outstanding financing. This reinforces the greater robustness of the capital structure that we have been seeking, focusing on longer-term horizons, facilitating financial planning and leaving the company better prepared for inorganic growth, an important growth pillar,” says Monteiro.
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