February 4, 2020 / 12:03 AM / 24 days ago

Brazil's PetroRio buys FPSO and 80% of Tubarão Martelo oil field

RIO DE JANEIRO, Feb 3 (Reuters) - Brazil’s PetroRio SA has acquired a floating oil and gas platform type FPSO OSX-3 for $140 million and 80% of the Tubarão Martelo oil field where the vessel is located, the field’s previous owner Dommo Energia SA said.

The platform belonged to OSX3 Leasing, Dommo said in a statement.

The two transactions will allow the integration by PetroRio of the Polvo and Tubarão Martelo fields, both located in the Campos Basin.

“The two deals with generate significant synergies, the reduction of costs, the extension of the commercial lifespan of the two fields and lower emissions,” said PetroRio CEO Nelson Tanure said in a statement.

Production costs could fall to $15 per barrel with the integration of the two fields, extending their life span until 2035 and increasing reserves to 52 million barrels.

“Tubarão Martelo currently produces about 5,800 bpd, and that could reach 10,000 bpd after we conclude the revitalization of the field, while output of the integrated fields could reach an estimated 20,000 bpd as of 2021,” Tanure said. (Reporting by Marta Nogueira; Editing by Lisa Shumaker)

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