HRT Participações em Petróleo (HRT), together with its subsidiary, HRT O&G Exploração e Produção de Petróleo (HRT O&G), concluded the commercial transaction with BP Energy do Brasil (BP) for the transfer of 60% working interest in the Polvo Field to HRT. HRT also acquired 100% interest in BP Energy America (BPEA) that owns the ‘Polvo A’ fixed platform and a 3,000HP drilling rig that operates in the field. Maersk Oil Brasil (Maersk), with 40% participating interest, is HRT’s partner in the field. With this, HRT becomes the fifth-largest oil operator in Brazil.
The Polvo Field is located in the southern portion of the Campos Basin, 100km east of the city of Cabo Frio, Rio de Janeiro. The field’s current daily production is approximately 12,000 boe per day through 10 producing wells drilled in the three different reservoirs. The area of Polvo license extends for 134km2 and contains several prospects for future exploration. The Polvo A platform is connected to the Polvo FPSO operated by BW Offshore.
HRT and BP signed a Purchase and Sale Agreement (PSA) in May 2013 for an agreed price of USD 135M. The amount paid by HRT by the time of closing was USD 101M after purchase price adjustments provided for in the PSA.
