Petro Rio informs the positive result of the first phase of the campaign to revitalize the Tubarão Martelo Field.

The first phase of the revitalization campaign included the workover (submersible pump exchange) of the TBMT-2HP well and the connection of a fifth producer well (TBMT-4HP) to the FPSO OSX-3, owned by PetroRio.

In June 2020, Dommo Energia, then operator of the Tubarão Martelo Field, released the positive result of the workover carried out at the TBMT-2HP well, which increased the Field's production to approximately 7,000 barrels per day.

After this first stage, the TBMT-4HP well was connected, which started production with an initial flow of approximately 3,000 barrels of oil per day, thus increasing the production of the Tubarão Martelo field to 10,000 barrels per day, that is, , an increase of 40%.

The revitalization of mature fields is a fundamental part of PetroRio's strategy and has an important role in the continuous reduction of the lifting cost per barrel of the Company, in the continuous increase in the recovery factor of the fields operated and in the continuous increase in the economic life of the assets.

Tubarão Martelo with Polvo Tieback 

PetroRio intends to perform the tieback of the Polvo and Tubarão Martelo fields in 2021 and estimates a Capex of around US $ 45 million, much of which will be spent during the first half. In addition, the Company plans to take the opportunity to connect the TBMT-10H well, the sixth production well in Tubarão Martelo, which may require additional Capex of US $ 20 to US $ 25 million.

Finally, PetroRio thanks the teams of both companies for their efforts and work during this important period.