Prio, an oil company based in Rio de Janeiro, stood out in the oil and gas sector in 2024. While the industry shrank 1% among the top 1,000 companies in the country, Prio increased revenues by 20%, reaching 14.3 billion Brazilian reais that year.

It also registered one of the most significant net margins in Brazil in 2024: almost 70%, compared to 43% in 2023. Part of this increase came from improvements in internal controls, process optimization, and financial gains.

2024 was a year of constant revision in Prio’s strategies. In September, the company purchased 40% of the Peregrino field, which belongs to the Chinese state-affiliated Shinochem. The move helped compensate for the early operation delays from the Wahoo field, which were predicted for last year. However, this should leave paper only in 2026 due to delays in acquiring environmental licenses because of strikes in Ibama.

“As Wahoo production increase hasn’t materialized yet, inconformity stepped in – and even a certain amount of daring – that caused us to chase another deal”, says Nelson Queiroz Tanure, president of Prio’s administration board. “We managed to start the machine”.

The arrival of Peregrino helped Prio end 2024 with a production surpassing 100,000 barrels a day and initiated the process of acquiring the remaining 60% of the asset, which still awaits approval by ANP, the sector’s regulating agency.

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

With 11 years of age, Prio operates with a firm meritocracy policy. Today, over 90% of employees are also business partners to the company.

The company seeks, domestically, to keep a horizontal management model, where each area works in an integrated and autonomous manner. “We are always talking about how to improve things, even when something goes well”, says Queiroz Tanure. “If it goes well, we want to improve. If it doesn’t, we still want to improve. This is a constant.”