Brazilian oil and natural gas firm PetroRio has signed a binding agreement to acquire a floating production storage and offloading (FPSO) OSX-3 for $140m.

It has also signed an agreement to purchase of 80% of the Tubarão Martelo oil field, where the vessel is currently located.

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The two deals will enable the tieback between Polvo and Tubarao Martelo fields. Both fields are located in the Campos Basin of Brazil.

PetroRio said that these acquisitions are in line with the company’s CRP management technology.

According to the company, these deals strengthen its position in the redevelopment of producing assets and in technical advancements.

It also aims to increase the recovery factor, as well as extend the economic life of its operating assets.

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According to the field’s previous owner Dommo Energia, PetroRio acquired the OSX-3 FPSO from its owner OSX3 Leasing. OSX3 Leasing chartered the FPSO to Dommo for Tubarão Martelo oil field.

The OSX-3 FPSO arrived at the Tubarão Martelo field in 2012. It has a capacity to process over 100,000 barrels per day (bpd) of oil and store 1.3 million barrels.

PetroRio has estimated a ten-year extension to the life span of these assets, taking them up to 2035. It also estimates the addition of 40 million barrels to Polvo’s current reserves.

PetroRio CEO Nelson Tanure said: “The two deals will generate significant synergies, the reduction of costs, the extension of the commercial lifespan of the two fields and lower emissions.

“Tubarão Martelo currently produces about 5,800 bpd, and that could reach 10,000 bpd after we conclude the revitalisation of the field, while output of the integrated fields could reach an estimated 20,000 bpd as of 2021.”