PetroRio signs a contract for the acquisition of FPSO OSX-3, for US $ 140 million and 80% (“farm-in”) of the Tubarão Martelo Field, where the OSX-3 platform is chartered. These acquisitions will allow interconnection (“tieback”) between the Polvo and TBMT fields, simplifying the production system and creating a private hub in the region, which will generate significant synergies, dolifting cost reductions and the extension of the economic life of the fields.

After the tieback of the assets, the Company estimates that the combined operating costs of the Polvo and TBMT pole, which currently exceed US $ 200 million per year (US $ 100 million in Polvo + US $ 100 million in TBMT), will be reduced to less than US $ 80 million per year, after implementing the anticipated synergies. Likewise, the lifting cost may be reduced to less than US $ 16 per barrel, as a result of air, sea and land synergies and the decommissioning of the FPSO currently leased to Polvo.

The reduction in the absolute costs of the new hub will allow more oil to be recovered in the reservoirs over a longer period. PetroRio estimates that the economic life of both assets could be extended until approximately 2035, representing an extension of more than 10 years and an increase of 40 million barrels compared to the current reserve of the Polvo Field.