By Brazil Stock Guide – Brazil’s oil regulator voted unanimously to terminate PetroReconcavo SA’s (RECV3 BZ) concession for the Juriti field in the onshore Reconcavo Basin, Bahia state, after the company failed to sustain production within a previously granted deadline.
The National Agency for Petroleum, Natural Gas and Biofuels, or ANP, had notified the operator in 2024 to either resume output within 12 months or transfer its rights to another company. According to board member and rapporteur Symone Araújo, the field recorded production in only one month during the period under review.
With three days remaining before the September 2025 deadline, the concessionaire requested an additional six months, citing continued interest in the asset. Araújo said the company later informed the regulator that production had been restarted, but no output was reflected in the official production bulletin.
“On the last day of the deadline, the company reported that it had restarted production, but in December of last year it was notified that there was no record in the production bulletin and said there had been an internal communication failure; there was no effective return,” Araújo said at a board meeting on Friday (13).
The Juriti field was acquired by Reconcavo E&P, a subsidiary of PetroReconcavo, in ANP’s 6th Licensing Round in 2024. Only one well was drilled. In the sole month of activity, output totaled half a barrel of oil and 0.026 cubic meters of natural gas, according to the regulator.
Following the termination, PetroReconcavo has 180 days to decommission the field in compliance with technical and environmental requirements.