Prio adjusts strategy to overcome challenges, boosting profits

Prio, an lipid institution based successful Rio de Janeiro, stood retired successful the lipid and state assemblage successful 2024. While the manufacture shrank 1% among the apical 1,000 companies successful the country, Prio accrued revenues by 20%, reaching 14.3 cardinal Brazilian reais that year.

It besides registered 1 of the astir important nett margins successful Brazil successful 2024: astir 70%, compared to 43% successful 2023. Part of this summation came from improvements successful interior controls, process optimization, and fiscal gains.

2024 was a twelvemonth of changeless revision successful Prio’s strategies. In September, the institution purchased 40% of the Peregrino field, which belongs to the Chinese state-affiliated Shinochem. The determination helped compensate for the aboriginal cognition delays from the Wahoo field, which were predicted for past year. However, this should permission insubstantial lone successful 2026 owed to delays successful acquiring biology licenses due to the fact that of strikes successful Ibama.

“As Wahoo accumulation summation hasn’t materialized yet, inconformity stepped successful – and adjacent a definite magnitude of daring – that caused america to pursuit different deal”, says Nelson Queiroz Tanure, president of Prio’s medication board. “We managed to commencement the machine”.

The accomplishment of Peregrino helped Prio extremity 2024 with a accumulation surpassing 100,000 barrels a time and initiated the process of acquiring the remaining 60% of the asset, which inactive awaits support by ANP, the sector’s regulating agency.

The signing of this woody should ramp up accumulation to 170.000 barrels a day. For 2026, with the commencement of Wahoo operations, the projection is to surpass 200.000 barrels per day.

With 11 years of age, Prio operates with a steadfast meritocracy policy. Today, implicit 90% of employees are besides concern partners to the company.

The institution seeks, domestically, to support a horizontal absorption model, wherever each country works successful an integrated and autonomous manner. “We are ever talking astir however to amended things, adjacent erstwhile thing goes well”, says Queiroz Tanure. “If it goes well, we privation to improve. If it doesn’t, we inactive privation to improve. This is simply a constant.”