PetroReconcavo is an independent oil and gas operator company and one of the segment leaders in Brazil. With a 22-year history, we are specialized in the operation, development and revitalization of mature fields in onshore oil and gas basins, being one of the first to operate in Brazil after the break of the state monopoly and enactment of the Petroleum Law in 1997;
With an unprecedented track record in this segment of the industry in the country, we were precursors in the acquisition of onshore oil fields from Petrobras’ divestment program.
Currently, we have a total of 59 concessions and 1 exploratory block, of which the Company operates 32 fields in the Potiguar Basin and 26 fields in the Recôncavo Basin.
In 2019, we were pioneers and acquired the first and largest onshore production center inserted in the first stage of Petrobras’ divestment program, called Riacho da Forquilha Cluster – with 33 concessions, in the Potiguar Basin. In the first 12 months of operation, we were able to increase oil production of 38.4% in the operated fields.
We assumed the operation of the Miranga Cluster, starting in December, 2021 to be the concessionaire and operator of nine other land fields: Apraius, Biriba, Fazenda Onça, Jacuipe, Miranga, Miranga Norte, Rio Pipiri, Riacho de São Pedro and Sussuarana; and we became the only concessionaire and operator of the 12 fields of Remanso Cluster: Brejinho, Canabrava, Cassava, Fazenda Belém, Gomo, Mata de São João, Norte Fazenda Caruaçu, Remanso, Rio dos Ovos, Rio Subaúma, São Pedro and Sesmaria. These 2 Clusters, together with the five concessions of the BTREC Cluster (Lagoa do Paulo, Lagoa do Paulo Sul, Lagoa do Paulo Norte, Juriti, Acará-Burizinho), compose the Bahia Asset located in the Recôncavo Basin.
In addition, the Company signed a natural gas supply contract from 2022 for the distributors Potigás, PBGás and BahiaGás.
Our business and operational model
The Company’s business model is based on the purchase (or on operating services contracts) of mature onshore field concessions, where we operate efficiently, revitalizing and extending our reserves for decades. We believe that the verticalized business model is a sustainable competitive advantage in the market. The operation of drilling rigs and workover with own equipment and teams has allowed us to achieve productivity gains, significant cost reduction, and more safety to the operations team.
Our main strategic pillar is the development of new proven reserves of fields already in production, with low operational cost and optimization of the recovery factor. In general, we seek to be 100% operator of our fields, ensuring the replication of this model, in an agile and efficient way.
Throughout our trajectory we have demonstrated the ability to increase production and reserves in a consistent and scalable way.
In addition, we present strong cash flow generation in the assets operated by the Company, even during cycles of low oil and natural gas prices, which we believe demonstrate the success of our operating model.
The security, robustness, resilience, and scalability of our business model are the result of countless factors, such as the capacity, experience and commitment of the executive, technical and management teams; in addition to the processes and systems developed and improved over the years, such as the strategy of verticalization of field services, financial discipline and capital allocation, with the aim of generating value for society and our shareholders.
We believe that this set of capabilities makes us one of the most complete platforms to capture the recent opportunities arising from the liberalization of the oil and gas market in Brazil and the Petrobras’ divestment program.
For more information about PetroReconcavo, please visit www.petroreconcavo.com.br/.
