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: 2001 (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 Today
see see
OTC Brasil 2025
Experts warn regulatory instability threatens US$100 bil...
28/10/25
International Company News
Sercel Awarded Major Contract by ONGC to Supply Sercel 5...
28/10/25
Record
Petrobras announces production record of FPSO Almirante ...
28/10/25
OTC Brasil 2025
Event brings together global offshore industry leaders a...
28/10/25
OTC Brasil 2025
Petrobras participates in OTC Brasil 2025, in Rio de Janeiro
28/10/25
Petrobras
Petrobras produced 3.14 million barrels of oil equivalen...
27/10/25
FIRJAN
By 2035+, Rio de Janeiro State’s Energy Potential Could ...
23/10/25
Pre-Salt
PPSA to auction in December the first share of governmen...
23/10/25
Auction
Petrobras wins auction and leases RDJ07 terminal at the ...
23/10/25
Permanent Offer
Equinor acquires two new blocks in the Campos Basin duri...
23/10/25
OTC Brasil 2025
OTC Brasil 2025 Kicks Off in One Week with a Packed Prog...
22/10/25
Agreement
Wärtsilä Lifecycle agreement renewed to maintain safe, r...
22/10/25
Petrobras
Petrobras receives operating license for deepwater explo...
20/10/25
Equatorial Margin
License Grant for Drilling in the Equatorial Margin Is P...
20/10/25
Equatorial Margin
ABESPetro Statement on the Licensing of the Equatorial M...
20/10/25
Energy Transition
BNDES, Petrobras, and Finep select Valetec to manage the...
20/10/25
Pre-Salt
Petrobras and PPSA sign equalization agreement for Jubar...
20/10/25
WPC Energy Youth Forum
Kuwait to Host 8th WPC Energy Youth Forum in October 2025
20/10/25
Exports
Petrobras signs contract to sell six million barrels of ...
20/10/25
Petrobras
Petrobras puts the Harpia supercomputer into operation
10/10/25
PPSA
PPSA Publishes Notice for the Non-Contracted Areas Auction
10/10/25
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.