PetroRio is currently the largest independent oil producer in Brazil and one of the ten largest producers in the country. Its main activity is the production and exploration of oil and natural gas. 

The company is also specialized in investments and the recovery of producing assets. Thus, it operates in reservoir management and improvements in mature exploration fields, that is, wells that have already been explored but can have their exploration extended. 

PetroRio's operations are primarily centered on three oil exploration fields, which are the Polvo, Frade, and Manati Fields. The first two fields are located in the Campos Basin in the State of Rio de Janeiro. The Manati field is located in Camamu Almada, Bahia. However, at the moment, the company's portfolio includes 4 exploration sources:

• Frade (100% PetroRio):

• Polvo (100% PetroRio);

• Hammerhead shark (80% PetroRio participation);

• Manati (10% PetroRio participation).

In addition, the company acquired a 35.7% stake in the Wahoo field and 60% in the Itaipu field, becoming the operator of both.

Environmental and social responsibility

Regarding the environment, PetroRio's principle is that operational efficiency and asset reliability are the main attributes for reducing CO2 emissions, gas flaring, and energy consumed in operations.

Thus, between 2018 and 2020, the company achieved a 5.4% reduction in CO2 emissions per barrel produced. Between 2019 and 2020, PetroRio achieved a 1% reduction in energy consumption per barrel.

In addition to its concern for the environment, the company also shows interesting numbers regarding its workers. For example, in December 2020, the Frade Field reached the mark of 3,300 days without accidents. 

In addition to measures aimed at reducing accidents, PetroRio also implemented initiatives focused on the well-being of employees such as the Instituto Reação and the Teatro PetroRio Online. 

Interestingly, about 80% of PetroRio's employees are shareholders of the company, and the purchase of shares by employees is encouraged by the company.

Both employees and shareholders of the company certainly make employees care more about the company and dedicate themselves more to their work, as there is a certain mentality that they are also owners of the business.

PetroRio was founded in October 2008 in Rio de Janeiro. Initially, it was called BN 16 Participações LTDA. Later, it was transformed into a closed capital corporation and its name was changed to HRT Participações em Petróleo S.A.

Finally, in 2015, the current management took over and restructured the business, gave a new strategic direction, and changed the company's name to PetroRio S.A. 

The main growth strategy of PetroRio throughout its history has been the execution of several acquisitions. For example, in 2017, the company purchased 100% of Brasoil in Brazil and began to hold a 10% stake in the Manati natural gas field.

Additionally, in 2018, PetroRio acquired Frade Japão Petróleo LTDA, which held an 18.26% stake in the Frade Field concession. As a result of this acquisition, the company experienced an increase of about 25% in its production.

In the same year, the company carried out the second phase of the revitalization plan for the Polvo Field, which required an investment of US$ 50 million to carry out three new wells.

The first phase had been completed in 2016 and resulted in a 20% increase in production and reserve volume of the field. In 2019, PetroRio closed a deal with Chevron for the purchase of 51.74% of the company's stake in the Frade Field. 

In 2020, news made PetroRio enter the radar of many investors. It announced the acquisition of two stakes in two pre-salt fields. PetroRio had always focused on mature oil fields, but the announcement of the purchase of new wells to explore and expand production capacity was well received by the market.

The agreement was made with the British BP Energy do Brasil and involved the acquisition of 35.7% of the Wahoo field and 60% of the Itaipu field, both in the Campos Basin. The purchase cost US$ 100 million and placed the company at a new competitive level in the sector.