PRIO S.A., traded on B3 under the ticker PRIO3, is a Brazilian oil and gas company primarily engaged in offshore oil exploration and production. The company traces its origins to 2008, when it was incorporated as BN 16 Participações Ltda., initially focused on equity holdings. In 2009, the company was converted into a privately held publicly traded corporation and renamed HRT Participações em Petróleo S.A., directing its efforts mainly toward exploratory activities in the Solimões Basin and assets in Namibia. After an intense exploration cycle between 2010 and 2013, marked by discoveries without significant commercial success and rising costs, the company began a deep restructuring process in 2014 that culminated in a strategic shift from an exploration-based model to one focused on the acquisition and redevelopment of mature producing fields.

The year 2014 marks the beginning of the trajectory that would result in the current PRIO. During this period, a group of investors began injecting capital and influencing the strategic reorientation of then‑HRT, with consultants who would later assume key executive roles. As part of the new direction, the company initially acquired 60% of the Polvo Field concession in the Campos Basin from BP Energy do Brasil, and shortly thereafter signed a contract to purchase the remaining 40% from Maersk, consolidating 100% ownership and operatorship of the asset. In 2015, the change in positioning was reinforced with the adoption of the corporate name Petro Rio S.A., later simplified to PRIO S.A., and the implementation of a new organizational culture centered on results, meritocracy, cost control, and an emphasis on health, safety, and environment. In the same year, its shares began trading on B3 under the code PRIO3, giving the company greater visibility in the Brazilian capital markets.

PRIO consolidated a business model based on the acquisition of mature oil and gas fields, mostly divested by major oil and gas companies, and on value creation through cost rationalization, operational efficiency gains, and reservoir redevelopment. The company operates as a holding company, with operating subsidiaries dedicated to exploration, production, and marketing of oil, with virtually 100% of operating revenue coming from the sale of oil extracted from offshore fields. Key producing assets include the Frade, Albacora Leste, Polvo, Tubarão Martelo, Wahoo and Peregrino fields, all in the Campos Basin, with PRIO predominantly acting as operator. The strategy includes revitalization projects and drilling of new wells in fields already in production, as well as the implementation of enhanced oil recovery (EOR) techniques to extend the economic life of the assets and increase the recoverable reserve volume.

From an operational standpoint, the company’s current portfolio is concentrated in offshore waters of the Campos Basin, with assets that combine ongoing production and development projects. The Frade Field, located about 120 km off the coast of Cabo Frio (RJ), is one of PRIO’s production pillars, with an area of approximately 154 km², a concession renewed until 2041, and 100% of the exploratory interest held by wholly owned subsidiaries. The company gradually acquired full ownership of the field between 2019 and 2021 through transactions with Chevron, INPEX, and Petrobras, and since then has been carrying out a revitalization plan with drilling campaigns for producing and injection wells that have significantly increased the asset’s production. The cluster formed by the Polvo and Tubarão Martelo fields, also in the Campos Basin, exemplifies the strategy of operational synergies: the tieback between the two fields enabled shared infrastructure, a significant reduction in combined annual costs, and an extension of the cluster’s useful life.

In addition to Frade, Polvo, and Tubarão Martelo, PRIO has expanded its asset base through significant acquisitions in recent years. In 2020 and 2021, through its subsidiary Petro Rio Jaguar Petróleo Ltda., it signed contracts to acquire interests in blocks BM‑C‑30 (Wahoo) and BM‑C‑32 (Itaipu), both in the Campos Basin. In 2022, it signed a contract with Petrobras to acquire a 90% interest in and operatorship of the Albacora Leste Field, a transaction completed in January 2023, adding a large‑scale asset to the portfolio. In parallel, it divested its 10% interest in the Manati gas field in a transaction completed in 2023, reinforcing its focus on offshore oil. In 2023, the company also completed the acquisition of 100% of the shares of Dommo Energia S.A., now PRIO Forte, strengthening the group’s scale. In 2024 and 2025, the company moved forward with its entry into the Peregrino and Pitangola fields in the Campos Basin through the indirect acquisition of an interest from Sinochem, followed by contracts with Equinor to acquire the remaining interest and operatorship, subject to regulatory approvals.

PRIO’s economic performance reflects the expansion of its asset base and its focus on efficiency. The company’s average daily production grew significantly between 2022 and 2024, accompanied by an increase in proved reserves (1P), certified by an independent consultant, which rose from just over 430 million barrels in 2022 to around 688 million barrels in January 2025. The company reports high reserve replacement ratios, above 100% in recent years, based on a combination of acquisitions and redevelopment projects. In terms of net revenue, operations are concentrated in the sale of oil from the main fields, with Frade, the Polvo–Tubarão Martelo cluster, Albacora Leste, and, more recently, Peregrino accounting for the largest share of revenue. The customer base consists mainly of global trading companies and major energy companies, with some recurring buyers accounting for more than 10% of revenue in recent fiscal years.

PRIO operates in a highly regulated sector, in which the National Agency of Petroleum, Natural Gas and Biofuels (ANP) plays a central role in regulating, contracting, and overseeing exploration and production activities in Brazil. The company and its operating subsidiaries hold qualification as an Operator A with ANP, which enables them to conduct offshore operations in shallow, deep, and ultra‑deep waters, as well as onshore blocks. The company’s activities are subject to the concession regime under the Petroleum Law, to specific rules applicable to contracts in basins such as Campos, and to regulations on operational safety, local content, health, safety, and environment. In field acquisition transactions, PRIO depends on approvals from agencies such as ANP and the Administrative Council for Economic Defense (CADE), as well as on the fulfillment of customary conditions precedent for this type of deal.

In terms of operating practices and governance, PRIO emphasizes the adoption of health, safety, and environment (HSE) standards in its fields, integrating this approach into the corporate culture defined after the 2014–2015 restructuring. The company focuses on maintaining high operational efficiency and minimizing unplanned downtime, including through maintenance planning and optimization of supplier contracts. At the same time, it develops redevelopment projects using enhanced oil recovery techniques, such as polymer injection to reduce water production, aiming to increase recovery factors without compromising environmental and safety parameters. The company’s governance is structured to operate as a listed holding company, consolidating the results of its E&P operating subsidiaries and maintaining an ongoing relationship with the market through the periodic disclosure of production, reserves, and financial results data.

On B3, PRIO3 shares represent a company positioned as one of the country’s leading independent oil producers, with a geographic focus concentrated in the Campos Basin and a portfolio that is expanding through the acquisition of mature fields and development projects. The company’s evolution from the former exploratory HRT to the current production‑focused PRIO reflects a redesign of the business model around cash‑generating assets, cost reduction, efficiency gains, and extension of the economic life of fields within the Brazilian oil and natural gas regulatory framework.