PetroRio mulls new investments with R$3 bn raised in January

Brazil’s largest independent oil company PetroRio is outlining new investments and expects to start a drilling campaign in the Campos Basin this year, seeking to increase production in the coming years. Flush with R$3 billion in cash after a share offering in January, the oil company is also monitoring new acquisition opportunities in the market. For the first half of the year, the focus is on connecting the Polvo and Tubarão Martelo fields, acquired from Dommo (formerly OGX) last year. The expectation is to conclude the activities in July.

Source: Valor International