Petro Rio S.A. (“Company” or “PRIO”) (B3: PRIO3) announces its 4Q22 & 2022 earnings. HIGHLIGHTS FOR THE YEAR Click here for the Earnings Release.
PRIO 2022 Earnings Release
Japan’s Inpex Buys Stake in UK Offshore Wind Farm from Mitsubishi
(Reuters) Inpex, Japan's largest oil and gas exploration and production company, said on Thursday it had bought a 16.7% stake in the Moray East offshore wind farm in Scotland from Mitsubishi to expand further into renewable energy. The Moray East offshore wind farm, launched last April, has capacity of 950 megawatts from 100 turbines, with... Continue Reading →
Petro Rio Brings Online MUP5 Well at Frade Field Off Brazil
The Brazilian oil company Petro Rio on Wednesday announced production start-up for the MUP5 well in the Frade offshore field in Brazil. Petro Rio said that the stabilized initial production of approximately 8,000 barrels of oil per day, above original projections, increasing the Field’s production by 25% and the company’s production by 10%. With this... Continue Reading →
Colombia’s Ecopetrol reports record net profit of $6.9 bln for 2022
(Reuters) - Colombia's majority state-owned oil company Ecopetrol (ECO.CN) on Tuesday reported record net profit of 33.4 trillion pesos ($6.9 billion) for 2022, double the previous year, boosted by higher oil prices and greater-than-expected production. Ecopetrol also reported a fourth-quarter net profit of 6.85 trillion pesos, up 13% from a year earlier. Reuters Graphics "During 2022 Ecopetrol... Continue Reading →
BW Energy targeting 2026 for Maromba project startup offshore Brazil
(OM) BW Energy is progressing its planned Maromba field development in the Campos Basin offshore Brazil, the company revealed in its latest results review. Last April it entered an agreement to purchase the FPSO Polvo from BW Offshore for deployment on Maromba following an upgrade. Discussions continue on financing this process, and planned first oil has now been pushed... Continue Reading →
PRIO to approach 100,000 barrels/day of oil production in 2023
PRIO expects to increase investments by 180% in 2023, to US$ 600 million, and reach the end of the year with a production level of around 100,000 barrels/day, said the coordinator of the company's wells, Estevão Borges Pereira. The oil company intends to increase its production in the Campos Basin by 25% – currently around... Continue Reading →
PetroReconcavo completes the acquisition of Maha Energy Brasil
The independent operator PetroReconcavo announced the completion of the acquisition of 100% of the shares of Maha Energy Brasil, an exploration and production company headquartered in Rio de Janeiro and with onshore operations in Bahia and Sergipe. The deal involved US$ 138 million and was announced in December last year. With the acquisition, PetroReconcavo now... Continue Reading →
Prosafe focused increasingly on Brazil for accommodation support
Prosafe has provided a status report on its fleet of accommodation support rigs in its latest results review. Late last year Safe Zephyrus completed its contract with bp at ETAP in the central UK North Sea and is presently heading west from the Canary Islands to Brazil to start a program for Petrobras on May 1. Earlier this month, Safe... Continue Reading →
Petroperu returns to crude production at major discontinued oil block
(Reuters) - Peru's state-owned oil company Petroperu signed a license agreement on Tuesday to return to producing crude oil, starting at one of the country's largest oil blocks, with plans to invest $638 million in the site to develop new wells. Petroperu will take over Block 192, located in the Amazon near the border with... Continue Reading →
3R Petroleum temporary interruption of production at Papa Terra
3R PETROLEUM ÓLEO E GÁS S.A. (“3R” or “Company”) (B3: RRRP3), in compliance with the provisions of CVM Resolution No. 44, informs its investors and the market in general that the production at Papa Terra Cluster has been temporarily interrupted, as of 25 February 2023, due to limitations in the energy generation and supply system... Continue Reading →
Brazil Energy Insight 