Petro Rio S.A. HRTPF

The New HRT

[Debora]

Valor Econômico Newspaper

A year and three months after the departure of the founder of the presidency Marcio Mello, HRT wants to show that it is leaner under the direction of Milton Franke and having the businessman Nelson Tanure as single largest shareholder (with 19.25%). Plans to find very light oil in the Amazon and equal volumes of the pre-salt in Namibia led to the intention of using the cash of R $ 365 million to buy mature assets already in production. "Our strategy, when we had to rethink HRT, was to be a more balanced company with exploration and production," says Franke. "HRT purchaser of production assets and desinvestidora" he says, referring to the search for partners in Africa. 

 

For acquisitions in the country, the target fields are on land or sea, preferably in the Campos Basin (RJ), to take advantage of operational synergies. Despite the operator's license in Brazil, which allows to operate in deep waters, HRT does not care to be the new area operator. 

 

While not go shopping, HRT has plans to extend the life of their only field in production, which is already mature and whose reservations must be exhausted in two years. Other reservoirs were identified in the concession area and the plan is to drill new production wells. To reduce spending, the initial idea is to access a well drilled five years ago. Estimated that HRT may lower spending on drilling for $ 25 million, with an estimated cost of $ 5 million for each intervention in the wells, which increase the yield. Drilling a well can cost in the region of $ 60 million to $ 100 million. 

 

"This program already exists and is a success. Octopus [the Polvo field in the Campos Basin] have extended life, since other reserves have been identified. Such was the way [to increase the productive life of the field] adopted at Sea North and certainly serves to Brazil, "he said. 

 

Eduardo Jacome, director of management and investor relations HRT, do the math and comes to a gross revenue of R $ 2.5 billion when he mentions the opportunities that HRT has to grow to achieve triple current production to the track 30 barrels. That will only come, obviously, with the acquisition of assets that enable this level of production. 

 

HRT operates the Polvo field seven months ago and, thanks to him, produced 10,093 barrels of oil per day in June that guaranteed net income of R $ 138 million in the second quarter. The company made ​​a profit of £ 11 million in the interval when the same quarter last year posted a loss of £ 645.2 million. That took away the pressure of being an exploitative company much risk, high costs and no production. 

 

The company is awaiting approval from the National Petroleum Agency (ANP) to complete the acquisition of 40% of Maersk in Octopus, which will make the owner of 100%. The purchase price has not been disclosed, but will be known when the deal is completed, according to Chief Financial Officer Ricardo Dourado Bottas. For comparison, 60% of bought cost BP $ 135 million in December last year. 

 

HRT will move the headquarters today in a building of high standard of beachfront on Atlantic Avenue in Copacabana to Botafogo in a new office, also in the South Zone of Rio.'s Number of employees, which was 600 in 2011, is now at 150 and should be less, somewhere between 40-60, as part of moves to the payroll of the Russian Rosneft, which took over operation of the areas in the Solimões Basin, the Amazon after buying 6% that gave him control, going on to have 51% of HRT O & G.

By Claudia Schuffner