PRIO breaks 10-year sales record and advances in Wahoo drilling in 1Q25

06 May 2025

PRIO hit the mark of 10.2 million barrels sold in 1Q25. In 10 years, this is the highest sales volume for a quarter ever recorded by the Rio de Janeiro oil company. The oil company’s average daily production was 109,200 barrels, accounting for an increase of 24.8% over the previous quarter, driven mainly by the Peregrino field, which accounted for 35% of sales. On May 1 this year, PRIO signed an agreement with Equinor to acquire the remaining 60% of the field and its operation, in a transaction of US$ 3.35 billion.

“Our commercial strategy is one of our competitive advantages,” says Roberto Monteiro, CEO of PRIO. “Operating in the ’delivery to client’ mode allows us to access strategic markets. This flexibility helps us maximizing profitability per barrel,” he says.

The good commercial performance helped the company to record revenues of US$ 727 million, accounting for an increase of 14% over the same period of last year. Net Income (ex-IFRS 16) reached US$ 345 million, up 54% year-on-year.

In addition to the financial figures, PRIO started drilling in the Wahoo field after obtaining the environmental license. The first two wells are being drilled concurrently with the Hunter Queen rig, in a format that concentrates similar stages to increase efficiency. The first phase has been completed and the second is expected to finish in May.

The company also reported operational progress on other fronts. At Albacora East, efficiency reached 88.8% in April. In the Polvo and Tubarão Martelo clusters, PRIO obtained consent to carry out interventions in the wells. The lifting cost was US$ 12.8/barrel, mainly due to the higher production costs of the Peregrino field.

To access the full results report, click here.

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