Petro Rio Concluded the Tieback between Polvo & Tubarao Martelo Fields

Source: 7/14/2021, Location: South America

Petro Rio S.A. (“PetroRio”) (PRIO3) informs its shareholders that it has concluded the tieback between the Polvo Field (“Polvo”) and Tubarao Martelo Field (“TBMT” or “Tubarão Martelo”), making PetroRio the first independent company to create a private cluster of mature fields in the Campos Basin region.

The tieback project between the Polvo-A Platform and the Bravo FPSO was completed in 11 months, had a $ 45 million CAPEX and will enable an operational cost (“OPEX”) reduction of $ 50 million per year for PetroRio. This OPEX accounts for the Polvo FPSO’s lease, currently chartered to the field and operated by BW Offshore, and maintenance and diesel expenses. The total operating cost for the cluster was at $ 120 million per year and is now reduced to approximately $ 70 million per year.

The cost reduction of the new cluster will allow more oil to be recovered for a longer period, increasing considerably the recovery factor of the fields. According to the reserve certification report published this year by DeGolyer & MacNaughton (“D&M”), the cluster has economic life until 2037 (considering 1P reserves), representing an extension of 10 years for Polvo and 12 years for Tubarao Martelo.

The Bravo FPSO, built and delivered to the TBMT Field in 2012, has high operational reliability and oil processing and storage capacity, allowing higher operational efficiency for the Polvo Field.

From an environmental perspective, these synergies will reduce the cluster’s emissions from 18.6 to 13.7 kilograms of CO2 per barrel of oil (26% approximate reduction) after the tieback’s conclusion, making a more sustainable operation, with less impact to the environment.

As of this date, PetroRio holds the right to 95% of the Polvo + TBMT oil, until the first 30 million cumulative barrels of oil produced and 96% of the cluster’s oil thereafter. PetroRio will also be responsible for 100% of the OPEX, CAPEX and field abandonment costs.

The tieback between the Polvo-A platform and the FPSO Bravo is 11 kilometers long, comprising 22 kilometers of installed lines, between the flowline and the electric umbilical. During the project’s final phase, two scheduled shutdowns were carried out, lasting 10 days in Polvo and 7 days in TBMT for adjustments to the electric system, the production lines and oil and water processing facilities.

In July, PetroRio’s production team will be focused in adjusting and stabilizing the Polvo Field’s production at the Bravo FPSO.

The project’s successful implementation, of great relevance to PetroRio’s strategy, shows the execution capacity of the operational teams, which are proven to be capable of executing the Company’s future projects, such as the Frade Drilling Campaign, the development of Wahoo and the tieback project between Frade and Wahoo.

In parallel with the tieback project, the Kingmaker rig is finishing the TBMT-8H well workover within the next days, and, in sequence, will begin the completion of the Tubarao Martelo well TBMT-10HP, expected to be concluded in September 2021.

Finally, PetroRio thanks all the teams that worked in this pioneer project for their effort and dedication during this important period.

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