ABOUT US

PetroRio was born with a focus on revitalizing mature fields.

PRIO's expertise is in the revitalization of mature oil fields, and this was clear from the very beginning in the transformation of the former company, HRT.

New processes and a new purpose were defined to change the route and results at a challenging time for the full oil and gas market.

In just 3 months of contract negotiations, the operating cost of the Polvo Field – the company's only asset, at the time with a 60% interest – fell by half, providing the right momentum for the birth of PetroRio.

Polvo Field becomes fully owned by the company.

In 2016, we had the Olympics in Brazil and PRIO won its first medal: the full acquisition of the Polvo Field.

Even with the price of a barrel of oil falling, investments in the Field revitalization, including efficiency, safety and sustainability, resulted in greater production at an even lower cost.

It was just what the company needed to go deeper and deeper.

The year of the launch of the Stock Options program, acquisition of Brasoil and the partnership with Instituto Reação.

No one is more dedicated to a business than its owner. It was this thought that started PRIO's Stock Options program.

As of 2017, all employees were able to receive bonuses in the form of company shares, thus creating a greater sense of care and responsibility towards the company.

The acquisition of Brasoil, which brought a 10% equity interest in the Manati Field, diversified the company's portfolio and almost tripled its capital.

Also that year, PRIO started its partnership with Instituto Reação, the first of many initiatives by the company to encourage social development through support for social projects aligned with the company's values.

PRIO’s first drilling in new fields, increasing production in the Polvo Field

After three years of operation, PRIO already had enough confidence in the Polvo Field operation, but had not yet drilled a hole.

That scenario changed in 2018. Amid the oil crisis, the company's technical team carried out the first drilling of new fields, increasing production at the Polvo Field.

The company’s shares were listed on the stock exchange indexes, bringing investors even closer to the work performed.

Acquisition of Frade Field and start of the Health and Well-Being Program.

With the acquisition of Frade Field, under negotiation with Chevron, the company practically tripled in size, and so did the challenges.

This would be the first asset operated in deep waters, in addition to coming with a Conduct Adjustment Term, the result of an accident at the time of the former operator.

In a short time, the field began to thrive, attracting the attention of the banking market.

Furthermore, the company's Health and Well-Being Program was launched, with activities for all employees such as meditation, running, hiking, jiu-jitsu, weight training, among others.

Safe growth in the year of the pandemic.

A successful complex negotiation, with corporate and legal challenges, brought the Tubarão-Martelo Field to the company's portfolio.

In the same year, PRIO made another acquisition: the Wahoo Field, unexplored in the pre-salt, also joined the Polvo, Frade and Tubarão Martelo Fields. A big step in PRIO's journey.

The year 2020 was not all good news. In March, we were all impacted by the onset of the pandemic. Strict health and safety protocols had to be adopted to keep all employees safe and the company operating.

The strategy worked: production increased, the company grew and the share price more than doubled, while we kept our employees safe.

Pioneering tieback increases field production.

In the revitalization of mature fields one word is law: effectiveness. Thus, PRIO made the first tieback between mature fields in Brazil, connecting the Tubarão Martelo and Polvo fields.

A bold project that increased the production of both Fields, as well as their useful lives, in addition to reducing carbon emissions and asset costs.

In the capital market, the company issued R$ 2 billion in new shares and raised over R$ 600 million in international bonds.

In sports, he started a partnership with driver Nicolas Costa racing in the Porsche Carrera Cup. In social development, Instituto Todos na Luta and Favela Brass arrived to add to the mix. Moreover, in the culture front, Casagrande Theater became part of our portfolio of supported initiatives.

New field and new name: PetroRio is now called PRIO.

A new acquisition marks the year 2022: the Albacora Leste field. The operation increases the portfolio, production and rating, taking the company to a BB rating.

The first edition of Reação Offshore takes place, a pioneering education project for the oil and gas industry in partnership with Instituto Reação, Todos na Luta and Firjan Senai, which has trained over 150 professionals – 81 of them hired by the company.

In operation, the Frade Field has the first phase of the redevelopment plan completed and the second phase starts, adding XX new barrels to daily production. A total of R$ 2 billion in debentures are issued to continue investments.

Furthermore, the company changes its name and brand: now, it is called PRIO.

Production continues to grow, reaching a historic daily level.

Following the momentum of acquisitions and investments in efficiency in previous years, PRIO continues expanding its operations with the purchase of the remaining 40% interest of the Itaipu Field and the merger of Dommo, the former operator of the Tubarão Martelo Field.

In the Frade Field, the useful life extension project is completed, ensuring production continuity and resource maximization.

The company obtains approval of the Development Plan in the Wahoo Field, which includes the creation of a tieback with the Frade Field, the longest in Brazil and third in the world, with 35 km.

The sum of all this results in a remarkable achievement for the company: the mark of 100 thousand barrels produced daily. Proof that PRIO's efficiency and operational excellence are here to stay!