Last Wednesday (13), BRAVA Energia held its first BRAVA Day in the auditorium of the Getúlio Vargas Foundation Cultural Center in Rio de Janeiro. The event marked the company’s first year since its formation from the merger of 3R Petroleum and Enauta, and served as a platform to review the year’s achievements with investors, shareholders, analysts, and employees.
At the opening of the meeting, BRAVA CEO Décio Oddone celebrated the results achieved in the company’s first year:
“We had a year of challenges and great successes, including record highs for production, revenue, and EBITDA. These achievements stemmed from teamwork and our diverse portfolio of onshore and offshore assets, which provided flexible management. Our primary focus remains maintaining the production levels of our main assets.”
Offshore Operations Director Carlos Travassos and Onshore Operations Director Jorge Boeri detailed the performance of the company’s assets. Travassos noted that finishing phase 1 of the Atlanta Definitive System showed BRAVA’s ability to implement large-scale projects, while Boeri emphasized the efficiency and stability of the onshore assets.
“The development of the first phase of Atlanta proves the quality of the company’s work. By 2027, with the drilling of new wells, we expect a significant contribution to offshore production. Papa-Terra already has great potential for appreciation, considering the current low recovery factor, opportunities for efficiency improvements, and the application of all the lessons we have learned so far,” he says.
Boeri spoke about the efficiency of BRAVA’s onshore assets, which is one of the largest onshore oil producers in Brazil. “Today, these assets stand out mainly for their stability, thanks to the revitalization work we have done in Rio Grande do Norte and Bahia. They also provide the company with high flexibility to manage capex.”
The director of New Business, Trading, and Downstream, Pedro Medeiros, commented, among other points, on the company’s investments in gas commercialization:
“In this first year of operations, BRAVA has already achieved the milestone of being the first producer in the Northeast to bring gas to the Southeast. Today, we seek to increase our production, which is largely non-associated gas, and expand sales in the free market, an important move that we began last year.”
BRAVA CFO Rodrigo Pizarro highlighted the evolution of the company’s results. “During this period, we have already demonstrated the beginning of the company’s deleveraging and cash generation. We have seen a significant decrease in lifting costs and also a reduction in capex for four consecutive quarters, especially due to the completion of phase 1 in Atlanta. We are confident that, with our diverse and sophisticated portfolio, BRAVA will generate more and more growth opportunities,” he said.
