Our main goal is to grow and reach new markets. We constantly search for new investment opportunities that fit our strategy. We have as our mission to produce hydrocarbons, combined with a high operational efficiency and a resource management optimization, always making sure the employees involved are safe and the environment is respected.
The Tubarão Martelo Field is located in the south of the Campos Basin, next to the Polvo Field (7km away), at a distance of 86 km from the city of Armação de Búzios, on the northern coast of the Rio de Janeiro State. In February 2020, PetroRio acquired the FPSO Bravo, which operates in the Field, and in August 2020, it became the operator of Tubarão Martelo, where it currently holds an 80% stake in the concession. Currently, Tubarão Martelo produces approximately 10,000 barrels of oil per day through five wells connected to the FPSO Bravo, which has been operating in the Field since 2012. The FPSO (Floating, Production, Storage and Offloading) combines state-of-the-art technology and has the capacity to process 100 thousand barrels of oil per day and storage of 1.3 million barrels.
Due to the proximity to the Polvo Field, PetroRio is already working on the tieback of the FPSO Bravo with the Polvo-A platform. Although extremely common in the Gulf of Mexico and the North Sea, this is the first tieback between courses with different consortia in Brazil. Right after the tieback, we will complete one more well in the field, further increasing its production and extending the field's lifespan. This tieback is an excellent example of the “PetroRio way of being.” It will simplify the production system and create a private hub in the region, generating significant synergies, lifting cost reductions, and extending the economic life of the fields.
Located about 100km from the city of Cabo Frio (Rio de Janeiro/RJ), in the Campos Basin, Polvo was the first PetroRio production asset. In 2016, the company invested over 11 million dollars to increase the oil extraction of this field by using pioneering technologies in Brazil. The investment made it possible to extend the useful life of the Polvo Field, increasing its production even with the natural decline rate of oil fields.
The Frade Field is located in deepwaters of Campos Basin, about 125km from the city of Cabo Frio and 172km from Polvo Field. It has been producing commercially since early 2009. PetroRio joined the concession in October of 2018 when it acquired Frade Japão Petróleo Ltda, which held a 18.26% stake in Frade, from INPEX and Sojitz and became the operator of the field in early 2019 when it acquired an additional 51.74% interest in the asset from Chevron. Today, Frade Field produces and processes nearly 20.000 barrels of oil per day. All producing wells have subsea completion and are connected via risers to Frade FPSO – owned and operated by the concessionaries – which has the capacity to process up to 100.000 barrels of fluid per day and can store up to 1.5 million barrels of oil. Based on PetroRio’s experience with Polvo Field, where the firm demonstrated its business model of rejuvenating mature oil fields, our objective in Frade is to increase proven resources by optimizing production, performing selected CAPEX projects and operating the field with a leaner OPEX, thus allowing its economic life to be significantly expanded.
Wahoo is an exploratory block in the Campos Basin with the potential to produce more than 140 million barrels in the pre-salt layer (100% of the field). There was an oil discovery in 2008, and a formation test was carried out in 2010. Wahoo is located 30-35km north of Frade, with a water depth of 1,400m, and has a carbonate reservoir at a depth of 5,000 to 7,000 meters.
The Development Plan (still to be approved by the other consortium members) involves the interconnection of the Wahoo field to the Frade FPSO. The Company will form another production cluster and share the entire infrastructure with Campo de Frade (including the FPSO), thus enabling the capture of various synergies and resulting in another strong and sustainable reduction in lifting cost, preserving PetroRio's highest safety and efficiency standards. The oil in the field has an excellent quality, with 30º API, low viscosity, and associated gas that will be used in the energy generation of the Frade FPSO. The investment in Wahoo reinforces PetroRio's pillars of operational efficiency, optimization of existing infrastructures to reduce costs and minimal geological risk – given that the reservoir has already been found and tested. The completion of the transfer is still pending approval by the ANP.
