Fernando Vilela, CEO of Café na Trilha and CMO of WSB Advisors, secured the runner-up position in his category at the 2025 Sertões Petrobras Cup, following the third and final stage held this past weekend in Ibitipoca, Minas Gerais.
Even with a fourth-place finish in the last stage, Fernando accumulated enough points to secure second place in the season’s ranking. The championship also featured stages in Campos do Jordão (SP) and Nova Lima (MG), between May and July.
The Sertões Cup is one of the most prominent competitions in Brazil’s mountain bike calendar, bringing together athletes of all levels while boosting local economies along its route. Integrated into the traditional Rally dos Sertões, the event stands out for its diversity of modalities, which also include motorcycles and cars, and for the support of major sponsors such as PRIO, a key player in the oil and gas sector.
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Tag: Prio
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WSB Advisors at Sertões Cup
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FPSO Peregrino – interdiction
The Brazilian National Petroleum Agency (ANP) has suspended operations on the FPSO Peregrino, operated by Equinor in the Campos Basin, after an audit identified with safety management and fire fighting system. Production has been halted and necessary adjustments are estimated to take between three to six weeks.
PRIO, which holds a 40% stake in the field and is acquiring the remaining 60% from Equinor for USD 3.35 billion, has reaffirmed that the transaction remains subject to ANP and CADE approval. The acquisition is structured in two phases and is expected to be completed by 2026.
In the second quarter, the Peregrino field averaged production of 97,500 barrels per day. Following the full acquisition, PRIO aims to nearly double output, targeting 190,000 barrels per day. Equinor has confirmed that corrective measures are underway, with safety as the company’s top priority.
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Offshore Highlights: Early Milestones, FPSO Tenders and Project Updates
– Repsol Sinopec announced that the FPSO for the Raia Project has successfully left dry-dock, 24 days ahead of schedule. In parallel, IBAMA has issued the Maritime Installation License, authorizing the beginning of offshore pipeline installation activities.
– Instituto Brasileiro do Meio Ambiente e dos Recursos Naturais Renováveis – Ibama -has also granted PRIO the preliminary environmental license for the development system of the Wahoo field and its connection to the FPSO Valente (formerly FPSO Frade). This enables the company to move forward with the licensing process needed for subsea construction and tieback execution.
– According to BNamericas, five major players: Shapoorji Pallonji Group, MISC Group, MODEC, Ocyan and BW Offshore, are preparing bids for Petrobras’ P-88 FPSO, which will support the revitalization of the Albacora field in the Campos Basin. Relaunched under the Build-Operate-Transfer (BOT) model in March 2025, the FPSO is scheduled to begin operations in 2030, with a processing capacity of up to 120,000 barrels of oil per day. Bid submissions are due by October 1.
– BRAVA Energia confirmed the successful connection of wells 2H and 3H to the Atlanta Project. Both wells were previously part of the early production system via the FPSO Petrojarl I and are now undergoing testing and automation phases. Production may fluctuate during stabilization, but the company expects to reach peak output and operational efficiency in the coming months.
– Petrobras has extended the deadline for opportunity no. 7004436596, which refers to the potential charter of up to one “MUF PSV”. The new submission deadline is July 23rd, 2025
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Offshore Highlights
• Karoon Energy has resumed production at the Baúna Field in the Santos Basin after a 20-day planned maintenance. With the SPS-88 well back online, output increased to approximately 26,500 bopd, exceeding pre-shutdown levels.
• The hull of FPSO P-80 has departed the CIMC Raffles shipyard in China and is now en route to Singapore, where Seatrium will handle the topside module integration. The unit is expected to begin operations in the Búzios Field, pre-salt Santos Basin, in 2027.
• BW Offshore has reached a settlement with PRIO over the long-standing dispute involving the FPSO Polvo, ongoing since 2021. The Norwegian Owner is due to receive around USD 36 million. -
PRIO expands gas operations
Petrobras and PRIO have concluded an agreement that allows the private oil company to access the Integrated Natural Gas Transportation System of the Campos Basin and the Cabiúnas Gas Treatment Unit.
As a result, PRIO will be able to use the pipeline network to transport and process natural gas from the Frade field, where the company holds a 100% stake, and from Albacora Leste, where it has a 90% stake.
Earlier last week, PRIO announced the start of direct natural gas sales to the market, with a production of around 300.000 m³/day. The company expects a significant increase in natural gas production with the start of operations at the Wahoo field, reaching over 1 million m³/day.
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ABL Group: a new purchase
By Rafael Bortoloti
Last week, ABL Group acquires 100% of Proper Marine. Transaction highlights a key trend in the maritime industry?
Recent cases:
Wilson Sons sold to MSC Mediterranean Shipping Company
A.P. Moller – Maersk acquired by DOF
PRIO acquired Sinochem Petroleum Netherlands (40% of Pelegrino field)
Boskalis acquired ALP Maritime Services
3R Petroleum and Enauta merger, formed Brava
What’s next? -
Prio concludes acquisition
PRIO concludes the acquisition of Sinochem Petroleum Netherlands for $1.915 billion. This includes a 40% stake in the Peregrino and Pitangola fields in the Campos Basin, with the remaining 60% held by Equinor.
The transaction boosts PRIO’s production capacity by approximately 35,000 barrels per day—a 50% increase from its current average of 75,000 boe/d. -
Solstad renew contracts
Solstad Offshore has announced the details of contracts for three OSVs operating in Brazil. The company also reported that the combined gross value of the contracts is approximately $53 million.
The AHTSs Normand Topazio and Normand Turmalina will be chartered for an additional year by PRIO and Brava, respectively. Earlier this month, the vessel Normand Cutter has finished a contract with Ocyan and started a new one with Prio.
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PRIO Acquires Sinochem Petroleum
PRIO has announced the signing of a contract to acquire Sinochem Petroleum Netherlands which holds a 40% stake in the Peregrino and Pitangola fields, both located in the Campos Basin. The remainder is retained by Equinor.
The acquisition is valued at $1.915 billion, with $191.5 million paid upon contract signing and $1.7235 billion upon transaction completion, along with adjustments for working capital and standard price adjustments for this type of deal.
With this acquisition, PRIO’s production will increase by approximately 35,000 barrels per day. The Peregrino field, with recoverable reserves of 338 million barrels, is expected to yield 135 million barrels for PRIO. Equinor operates the field’s infrastructure using FPSOs and fixed platforms, currently producing about 88 kbbl/d.
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Special WSB: Prio: incentives for overcoming
Besides working in oil exploration, PRIO develops a series of social projects, changing lives of a positive way. Since April 2023, for example, the company has sponsored nine Paralympic athletes: Alana Maldonado (judo), Antônio Tenório (judo), Brenda Freitas (judo), Camille Rodrigues (swimming), Diana Barcelos (rowing) , Gabriel Araújo (swimming), Julyana da Silva (discus throw), Wallace Antonio (shot put) and Wilians Silva de Araújo (judo).
Read more in our ninth issue of One.Energy magazine:
In addition to them, PRIO has former swimmer Clodoaldo Silva as an ambassador, who is among the five Brazilians with the most medals in the history of the competition. As such, PRIO is the first private Brazilian oil company with this kind of initiative.
Gabriel Araújo wins gold medal in Paris (Source: Wander Roberto/ Brazilian Paralympic Committee) “Team PRIO represents Brazil with excellence. We want to be part of their routine, providing the necessary support for training, travel and whatever else is needed. The objective is to allow them to dedicate themselves almost exclusively to their careers”, says Gabriel Hackme, manager of Incentive Projects and Sponsorships at PRIO.
The athletes wear a uniform made in collaboration with them with minimalist features, shades of blue and white and a graphic representation of tentacles and a skull.
“With the skull we want to convey the message of personal transformation through team spirit, in addition to being a way of having a great impact on the perception of the team by opponents. The tentacles represent the octopus, the name of the company’s first platform and an avant-garde animal mascot in PRIO’s communication”, explains Rick de Abreu, head of Creation of PRIO.Read more in our ninth issue of One.Energy magazine:
Prio athletes (Source: Prio) This creative process had the strategic support of Clodoaldo Silva. In a chat with WSB, he told more about this partnership which was created last year and aims to teach customers, society and employees.
“I did some work for them and then they called me for another project, until 2024. I’m happy that they realized that I could go further and represent the company in their ideals. I hope that PRIO inspires other companies. PRIO has shown itself to be a company without prejudice, with important social messages and seeking diversity. They embraced a Paralympic project, contrary to other large companies. PRIO does it because it embraces diversity and is very confident in our potential. Our objective is to lead athletes, teaching them to behave in defeats and victories, and show employees how the corporate world is very similar to the sporting universe”, commented Clodoaldo, responsible for lighting the Paralympic Pyre in Rio-2016.
Clodoaldo Silva (Source: Marco Antonio Teixeira/Brazilian Paralympic Committee) Read more in our ninth issue of One.Energy magazine:
In August 2023, PRIO launched an advertising campaign called “A Mente é Imparável” (The Mind is unstoppable, in English). This was developed to encourage athletes and was curated by Paralympic swimmer and world record holder, Daniel Dias.
Offshore course
In addition to Clodoaldo, PRIO also has former judo athlete Flávio Canto as an ambassador. Bronze medallist in Athens-2004 (73 -81 kilos), he is also one of the founders and managers of Instituto Reação. The partnership with PRIO gave rise to the Instituto Reação Offshore, which prepares young people to work in the oil and gas market.
“The partnership began with an approach to Instituto Reação a few years ago. Reação’s culture has a lot of synergy with PRIO’s culture which has been built over the years: people, results, nonconformity and boldness. These are the energies that move PRIO’s culture and speak a lot to ours. We used the archetype of the athlete and the samurai as a reference for posture and attitude and this brought us closer. We are going into the second year of the free course”, Flávio Canto told WSB.
With assets located in the Campos Basin, on the north coast of Rio de Janeiro state, PRIO was created in 2015. Its ESG (Environmental, Social and Governance) schedule also has commitments to the environment and culture. The oil company also helps to accelerate motorsport, sponsoring Porsche Carrera Cup driver Nicolas Costa, encouraging martial arts, among others.
“Our efficiency also lies in this, in supporting what really makes a difference in these people’s lives. We identify with the search for high performance and examples of overcoming, discipline and resilience”, concludes Hackme. -
PRIO’S oil production
PRIO released its production report for the month of May 2024. During this month, the production was recorded as 88.7 thousand barrels of oil equivalent per day (boepd).
Impacted by operational issues, the performance had a reduction of 4.4% compared to the previous month which produced 92.8 thousand barrels per day.
The drop was a consequence of the shutdown of the ODP3 well in Campo de Frade and the failure of the submerged centrifugal pump (BCS) at the TBMT-8H pole, in the Polvo and Tubarão Martelo cluster. Both are waiting for IBAMA’s approval to begin the workover and return to operational level.
Production at Albacora Leste fell 1.6% in the same period, totaling 27.5 thousand boepd. -
Production details
Enauta produced 27.000 boed of oil in February, 5% more than what the company recorded in the previous month. The main reason responsible for this was the Atlanta field, in the Santos Basin, currently the company’s main asset. Enauta has three wells and the FPSO Petrojarl I is in full production in the field.
PRIO meanwhile…
Also in February, PRIO produced 82.8 thousand boed of oil, a reduction of 13.3% compared to January. The main reason responsible for the drop was the Frade field, in the Campos Basin, with a decline of 22.2%, closing at 40.2 thousand boed. The Brazilian company stated that the numbers are explained by a defect in the gas compressor and guaranteed that a repair had already been carried out.