Rio de Janeiro, July 20, 2022 – PRIO (B3: PRIO3), Brazil’s largest independent oil and gas company and a pioneer in recovering and increasing the useful life of mature fields, approved at a meeting of the Board of Directors held on July 12, 2022, the issuance of debentures in the amount of R$ 2 billion.
The funds will be used for reimbursement of expenses, expenditures, or debt related to infrastructure project implementation, working capital reinforcement, as well as other general corporate purposes.
The issue strengthens the company’s cash position also for future acquisitions.
PRIO is the largest independent oil and gas company in Brazil, a pioneer in recovering and increasing the useful life of fields in production. With its assets located in the Campos Basin, the company seeks operational efficiency with process optimization, the use of new technologies and innovative solutions that aim to reduce costs, always with the premise of excellence and safety in operations. PRIO has been growing through acquisitions. Thanks to the constant positive results, it had a strong appreciation, becoming part of the B3 index, the main Brazilian stock exchange index in 2020.