PRIO announces 4Q20 and 2020 results

01 Mar 2021

PRIO released its fourth quarter 2020 results last Monday (1). The highlights were the increase in net revenues, the reduction in lifting costs, and the acquisition of the Tubarão Martelo field and FPSO Bravo.

The Company’s net revenue passed R$1.9 billion, a 16% increase over 2019. The lifting cost per barrel fell from $22.9 (2019) to $14.5 (2020).

In addition, PRIO highlighted the acquisition of FPSO OSX-3 (now FPSO Bravo) and the Tubarão Martelo field, in negotiations with Dommo Energia, and the Octopus Drilling Campaign in the Eocene, with initial production of 2,500 bbpd.