Friday, October 14, 2016 6:11:17 AM
Best 2016 E&P Company Latin America – PetroRio
PETRORIO AWARDED THE BEST LATIN AMERICAN E&P COMPANY IN 2016
Rio de Janeiro, October 13, 2016 – Petro Rio S.A. (“PetroRio” or the “Company”) (BM&FBOVESPA: PRIO3, TSX-V: PRJ) announces that it has been awarded the Best Latin American E&P company in 2016. The prize was given by the English magazine World Finance and reflects the outstanding results achieved in the year of 2015, when the company initiated an ambitious programme to reduce costs, optimize operations and increase reserves in the Polvo Field.
PetroRio is thankful for the honor received, which reinforces its focus on the acquisition and development of producing fields with full respect for safety and the environment. Polvo Field success case involves key elements of our strategy and represents the first step in the construction of an even more solid company.
Finally, PetroRio emphasizes its confidence and enthusiasm to continuously obtain gains through the best management practices and value accretive acquisitions, and thanks all employees, suppliers and partners who were and are essential to the Company’ success.
World Finance Oil & Gas Awards 2016
Best Exploration & Production Company
Africa – Sasol Exploration and Production International
Asia – PTTEP
Middle East – Genel Energy
Eastern Europe – Novatek
Western Europe – Independent Oil and Gas
Latin America – PetroRio
North America – Occidental Petroleum
World Finance - how Petrorio bested the 2016 Oil Price Crash
"PetroRio stands out among the world’s big energy producers for one simple reason: for PetroRio, 2015 was a good year. Despite the challenges imposed by the oil price collapse, PetroRio achieved impressive results from the beginning of the year, when it initiated an aggressive cost reduction programme that comprised operational optimisations and renegotiations with its entire supplier base.
As a result, operating costs dropped 31 percent in 2015 compared to the previous year, while later in the year the company began a second round of renegotiations that generated further cost savings in the first half of 2016. Polvo Field’s operating costs in 1H16 were in line with the company annual target of $90m, which represents a 17 percent cut compared to the already low 2015 levels, while general and administrative expenses fell 67 percent between 2013 and 2015. In the second quarter of 2016, lifting costs declined to $28.17/bbl, the lowest since the beginning of PetroRio operations..."
PetroRio is the owner of Polvo A fixed platform and a drilling rig, located in the Polvo Field in Brazil’s Campos Basin, currently in operation in this field. The platform is connected to the FPSO Polvo with capacity to segregate hydrocarbons and water treatment, oil storage and offloading.
PETRORIO AWARDED THE BEST LATIN AMERICAN E&P COMPANY IN 2016
Rio de Janeiro, October 13, 2016 – Petro Rio S.A. (“PetroRio” or the “Company”) (BM&FBOVESPA: PRIO3, TSX-V: PRJ) announces that it has been awarded the Best Latin American E&P company in 2016. The prize was given by the English magazine World Finance and reflects the outstanding results achieved in the year of 2015, when the company initiated an ambitious programme to reduce costs, optimize operations and increase reserves in the Polvo Field.
PetroRio is thankful for the honor received, which reinforces its focus on the acquisition and development of producing fields with full respect for safety and the environment. Polvo Field success case involves key elements of our strategy and represents the first step in the construction of an even more solid company.
Finally, PetroRio emphasizes its confidence and enthusiasm to continuously obtain gains through the best management practices and value accretive acquisitions, and thanks all employees, suppliers and partners who were and are essential to the Company’ success.
World Finance Oil & Gas Awards 2016
Best Exploration & Production Company
Africa – Sasol Exploration and Production International
Asia – PTTEP
Middle East – Genel Energy
Eastern Europe – Novatek
Western Europe – Independent Oil and Gas
Latin America – PetroRio
North America – Occidental Petroleum
World Finance - how Petrorio bested the 2016 Oil Price Crash
"PetroRio stands out among the world’s big energy producers for one simple reason: for PetroRio, 2015 was a good year. Despite the challenges imposed by the oil price collapse, PetroRio achieved impressive results from the beginning of the year, when it initiated an aggressive cost reduction programme that comprised operational optimisations and renegotiations with its entire supplier base.
As a result, operating costs dropped 31 percent in 2015 compared to the previous year, while later in the year the company began a second round of renegotiations that generated further cost savings in the first half of 2016. Polvo Field’s operating costs in 1H16 were in line with the company annual target of $90m, which represents a 17 percent cut compared to the already low 2015 levels, while general and administrative expenses fell 67 percent between 2013 and 2015. In the second quarter of 2016, lifting costs declined to $28.17/bbl, the lowest since the beginning of PetroRio operations..."
PetroRio is the owner of Polvo A fixed platform and a drilling rig, located in the Polvo Field in Brazil’s Campos Basin, currently in operation in this field. The platform is connected to the FPSO Polvo with capacity to segregate hydrocarbons and water treatment, oil storage and offloading.
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