Santos Basin

HRT starts activites on Polvo field

Company acquires stake in BP and becomes operator.

HRT
09/01/2014 13:05
HRT starts activites on Polvo field Imagem: Fixed platform Polvo A. Forship divulgation Visualizações: 2358 (0) (0) (0) (0)

 

HRT starts activites on Polvo field
The brazilian HRT reports that it was concluded on January 8th, 2014 the commercial transaction with BP Energy do Brasil for the transfer of 60% working interest in the Polvo Field to HRT, becoming the operator. In addition, HRT acquired 100% interest in BP Energy America which owns the fixed platform, "Polvo A" and a 3,000 HP drilling rig that operates in the field. Maersk Oil Brasil is the partner of HRT in the field, with 40% participating interest.  
The Polvo Field is located in the southern portion of the Campos Basin, 100 km eastward of the city of Cabo Frio, State of Rio de Janeiro, in Brazil. The field's current daily production is approximately 12,000 barrels of oil per day through 10 producing wells that were drilled in the three different reservoirs. The area of Polvo license extends for 134 sq. km and contains several prospects for future exploration. The platform "Polvo A" is connected to the "FPSO Polvo" operated by BW Offshore through a contract that can be renewed up to the next 8 years. This FPSO has capacity for separation of hydrocarbons, water treatment, oil storage and offloading.  
On May 6th 2013, HRT and BP signed a purchase and sale agreement (PSA) with an agreed price of US$ 135 million, with an effective date of January 1st 2013. The total field production in 2013 was approximately 4.2 million barrels of oil and the amount paid by HRT by the time of closing was $101 million after purchase price adjustments provided for in the PSA. The preliminary operating result of the field in 2013 to BP was approximately $67 million (60%). HRT will still receive its share of produced oil that was not exported and is stored in the FPSO, which totals approximately 300,000 barrels.  
HRT's plans propose the drilling of the first development well in 2014, with the intent to increase the production from proved undeveloped reserves. The acquisition of Polvo Field makes HRT the fifth largest operator of oil fields in Brazil.

The brazilian HRT reports that it was concluded on January 8th, 2014 the commercial transaction with BP Energy do Brasil for the transfer of 60% working interest in the Polvo Field to HRT, becoming the operator. In addition, HRT acquired 100% interest in BP Energy America which owns the fixed platform, "Polvo A" and a 3,000 HP drilling rig that operates in the field. Maersk Oil Brasil is the partner of HRT in the field, with 40% participating interest.  

 

The Polvo Field is located in the southern portion of the Campos Basin, 100 km eastward of the city of Cabo Frio, State of Rio de Janeiro, in Brazil. The field's current daily production is approximately 12,000 barrels of oil per day through 10 producing wells that were drilled in the three different reservoirs. The area of Polvo license extends for 134 sq. km and contains several prospects for future exploration. The platform "Polvo A" is connected to the "FPSO Polvo" operated by BW Offshore through a contract that can be renewed up to the next 8 years. This FPSO has capacity for separation of hydrocarbons, water treatment, oil storage and offloading.  

On May 6th 2013, HRT and BP signed a purchase and sale agreement (PSA) with an agreed price of US$ 135 million, with an effective date of January 1st 2013. The total field production in 2013 was approximately 4.2 million barrels of oil and the amount paid by HRT by the time of closing was $101 million after purchase price adjustments provided for in the PSA. The preliminary operating result of the field in 2013 to BP was approximately $67 million (60%). HRT will still receive its share of produced oil that was not exported and is stored in the FPSO, which totals approximately 300,000 barrels.  

 

HRT's plans propose the drilling of the first development well in 2014, with the intent to increase the production from proved undeveloped reserves. The acquisition of Polvo Field makes HRT the fifth largest operator of oil fields in Brazil.

Most Read
see see
Visas Agreement
Brazil implements electronic VISIT Visa for Chinese citizens
22/01/26
Biofuels
Sifaeg Highlights New Investment Cycle and the Consolida...
21/01/26
Drilling
Foresea’s Norbe IX Drillship Undergoes Scheduled Mainten...
21/01/26
State of Ceará
Companies from Ceará lead the H2MOVER-Pecém project, sel...
08/01/26
Maritime Support
Ambipar carries out more than 600 port and maritime emer...
07/01/26
Petrobras
Petrobras celebrates 20 years of the Santos Basin Unit
07/01/26
Pelotas Basin
TGS launches maritime safety application for operations ...
07/01/26
Diesel
Petrobras and Vale move forward with fuel supply partnership
07/01/26
ANP
In November, Brazil produced 4.921 million boe/d
07/01/26
Offshore Operations
Crew training and connectivity are the true enablers of ...
23/12/25
Recognition
IBP Wins the “Events Oscar” Once Again with ROG.e 2024
11/12/25
FIRJAN
Rio Could Generate 676,000 New Jobs by Stimulating Nine ...
11/12/25
Inland Navigation
Grease-Free Revolution in Latin America’s Workboat Sector
10/12/25
PPSA
Production-Sharing Contracts to Produce 2 Million Barrel...
10/12/25
Recognition
National Public Transparency Program Grants Transpetro I...
10/12/25
Logistics
Transpetro expands its logistics operations with the int...
09/12/25
Auction
PPSA raises around R$ 8.8 billion from the sale of the F...
08/12/25
PPSA
Petrobras announces results of PPSA’s Non-Contracted Are...
08/12/25
Niterói
Niterói concludes second edition of Tomorrow Blue Econom...
02/12/25
Recognition
ABS Consulting Earns Third Elev8 GovCon Honor for Excell...
22/11/25
Award
Aed Energy Wins at the 2025 Energy Storage Awards
22/11/25
VEJA MAIS
Newsletter TN

Contact us

We use cookies to ensure you have the best experience on our website. If you continue to use this site, we will assume that you agree with our Privacy Policy, terms of use and cookies.