Petro Rio

By 2013 PetroRio focused on exploratory activities that resulted in the drilling of 11 exploratory wells in the Solimões Sedimentary Basin in Brazil and 3 exploratory wells in the Walvis and Orange sub-basins off the Namibia offshore. From then on, with the change of strategy and the implementation of a new culture, the Company began the search for new markets focused on production assets, exploratory risk reduction, non-strategic asset divestment and management focused on cost reduction of production and corporate expenses. It was also in 2013 that PetroRio began the process of acquiring 60% of the Polvo Field – the Company's first production asset – and the fixed platform ‘Polvo A' and the 3,000 HP drilling rig operating in the same field, oil company BP Energy Brasil Ltda. as part of the company's portfolio diversification strategy to achieve greater profitability. With the approval of the assignment of rights by the ANP and the conclusion of the purchase of the Field of Powder, PetroRio became operator and producer of oil in January 2014. In July 2014, the Company entered into an agreement with Maersk Energia Ltda. of purchase and sale for acquisition of the remaining percentage of 40% stake in the Field of Powder, approved by the ANP in December 2015. The acquisition of Campo de Pulvo, located in the southern portion of the Campos Basin, 98 km east of the city of Cabo Frio, in the State of Rio de Janeiro, with an average production of 10,000 barrels per day, has made PetroRio become one of the largest independent oil producers in Brazil.