PetroRio to drill another 4 exploratory wells in Polvo in 2019

February 21, 2019

RIO – PetroRio announced, in a relevant fact, that it will carry out a new drilling campaign in the field of Polvo, in the Campos Basin, between the second and third quarters of this year. Up to four of 22 reservoirs with oil potential mapped by the company will be drilled. Depending on the results, the cost of the drilling campaign can reach $ 60 million. The remaining 18 wells will be separated for future campaigns.

“We believe in the possibility of extending the useful life of Polvo by 2030 and further reducing the cost per barrel if the result is similar to last year. We put a lot of effort into planning this campaign to achieve good results, “said Nelson Queiroz Tanure, president of PetroRio.

The drilling of each well should last two months, including the entire process until the start of each well. The initiative is part of the Revitalization Plan of the Polvo Field, which provides for increasing the recovery factor of the asset and extending its useful life.

PetroRio also announced the signing of an agreement with Chinese bank ICBC to raise US $ 60 million, with a four-year term. There is also the possibility of an additional $ 60 million, according to the campaign result and market conditions.

In addition, the company signed an agreement with Finep for a 10-year R $ 90 million line for the revitalization of Polvo. The objective is to develop technologies for the field, contributing to increase productivity per well, recovery factor and the extension of the economic life of the asset.

“The recent financing agreements are important steps for our capital structure and growth in our operations. In addition, they reinforce our strategy that focuses on the acquisition and revitalization of mature fields already in production, “added Tanure.

Source: Valor

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