recorded. It is available on our site, and the slide presentation will also be available. If you need simultaneous translation, we have a tool. Go to the interpretation icon in the lower part of the screen on the right. If you are listening in English, you have the option of silencing the original audio. We have our executive director, Marcelo Magalhães, our President Director, Troy Finney, our Operational Director, Rafael Cunha, our Financial Director, and relations with investors. At the end of the presentations, we are going to have a Q and A session. To participate, please send your questions through the icon Q&A on the screen, and as soon as we announce your name for the live question, please activate your microphone. If you do not want to open your microphone live, just write "without microphone" at the end of the question, and then we will ask the question straight from the chat.
Any declarations that are made in this in terms of the company business in this presentation, this is based on the premises of everything that is available to the company, made by the company. It does not mean there are no risks involved. Investors have to understand that general economic aspects and other operational aspects can affect the outcomes of the company, and it can definitely be showing a change in what is expressed. Now, on to Marcelo Magalhães, our President, to start the event with his initial remarks. Marcelo, please.
Thank you. It is a pleasure to be here with all of you to report our data on the fourth quarter of 2021 and the consolidated of the year. We have maintained intense contact with our investors and with the public in general, and I believe that I have given several samples to all of you.
You are all satisfied in terms of the outcomes that we had in 2021. It feels strange reporting 2021 here. We have had such deep changes in the external and internal environments, and it seems that we are basically talking about another company, right? The oil and gas prices are very different from the previous year. The company is very different from what it was last year, the number of people, the number of fields that we are working in. It seems that 2021 is a very distant past. But I think it is extremely relevant to be able to talk about what happened because these moments were very important for most of this change to happen, to make it possible. We are going to talk a lot about introduction data, the cost data, financial data of the quarter, and what we have for the year.
But I would like to also talk about other conquests that the company made during the year, and it does not actually reflect on those 12 months, and it is beginning to give us the significant impacts in the company's daily activities, and we hope to report this in the quarter of 2022, this first quarter. Please remember that although the company has an IPO, it is a very relevant aim. We have been working for this for years. It is the first IPO of a company in the new market based in Bahia. We are here in the office at Salvador, where most of the headquarters are, and it is very significant, and it allowed us to move forward with other initiatives that transformed this company today in a very significant manner.
I am only going to mention a few, and we are going to have a process of increasing our infrastructure of probes and services, and that is extremely critical for our execution capacity. You can see the reflection of this in the productions of January and February that were put in the company's site. We have significant growth, and this is from all of the work that was done, the resources we got from the IPO, the importing of new probes, and other services. Definitely they had a lot of work done in the first half of the year. We are already beginning to see the results. In parallel to that, phenomenal work that was done in the gas area.
The company really had very pioneering aspects, and we have two contracts for Petrobras and in Amaral Norte, and Catu, Bahia, and this allowed us to achieve a very strong competitive position. This is in terms of the local distribution companies. Since January, we are able to provide gas to Fortes Gás, PBGás, and Bahiagás. In January, we were also very happy to monetize all of this, so it was practically 100% of all of our gas production and very interesting prices, too. All of this has already happened in the company.
We have already seen that, and it is very different in terms of the volume compared to 2021, and because of all these conquests, this is only possible because of everything that was done and resulted in what we have in 2022, everything that was done in 2021, all of the effort given by the team. So we were very happy about that. It is always great to see our efforts becoming something concrete in the beginning of the year. It is good for our shareholders. It is good for our teams, our collaborators, for the communities as well, where we are operating, the poorer communities in the Northeast, in Bahia. This is a new market and a public company. But talking about numbers, even the numbers from 2021, they already bring very interesting news.
It is always nice to see BRL 1 billion in terms of our net revenues, and very interesting compared to last year. As I said, this growth is becoming accelerated in the last quarter. It accelerated in the last quarter because of the resources. So the EBITDA was also much bigger, and in the last quarter, there was a huge impact in the operational aspect with regard to the closing, and above all, what happened in the last quarter, and also in the effect of the rest. We are going to talk about this in greater detail here. We are seeing the prices of oil go up high, and this definitely affects the company significantly, the EBITDA, and that is very important.
We still believe that it was the best decision possible, what we decided back then, all the financing, and that was very important for it to be done at that moment, at that time, to be able to hold everything we have. I think this also sets up the company and how the company is planning to work. It's going to work and add value, and it's also a company that has a very weighted attitude in terms of its values, and if we're talking about the very low exploratory level that the company has, or it's maybe in the caution of the production.
I think that our knowledge of the operational market, we've been working for 22 years, and we have achieved a great maturity to know the challenges that are imposed to a company like ours, for us to be able to carry this out in the best way possible. We have almost more than 1,000 employees. We have 9- 10, 15 offices, and we know what is necessary to be able to have this operation growing and also safe so that the shareholders can be calm. So definitely this is what the company is, and we're also very cautious in terms of the volume that we are looking at. But as you can see on the screen, I think that we have the outcomes, the numbers that we see in this period of 12 months that finished in December.
Definitely, it's going to be the milestones that we achieved. Just to end this, you have seen how much these milestones impact the company, and this is starting now in 2022. The growth is extremely robust. In the month of January and February, we are coming close to, in the month of March, starting in February, we're getting to 97% of the average volumes foreseen in our curve, and this makes us extremely optimistic about the future. I've already said in the last two calls that we're going to be providing double-digit growth. In this moment, when we are starting to pick the low-hanging fruit we have, and this is what we expect over the next few months. We're going to have sustainable growth and with a reserve report, and maybe it's not going to come on a monthly basis.
Maybe it's going to come in small parts, and the increase in production in some areas is going to go beyond what we had planned. We have some bottlenecks in terms of infrastructure, and this can all be solved, but we need some time to make it mature. So passing the word on to Troy, who is going to go into more details about the volumes and the company operations in 2021 and over these last few months of 2022.
Thank you, Marcelo. Good morning. The first slide is only to provide you with a profile of where we are at the end of 2021, and now in the beginning of 2022. We're already active in two basins, the Bahia Basin. We already have about 12 old concessions, and we've been operating this for 22 years, and this is the Petrobras contract.
It was part of the acquisition of Remanso. At the end of 2021, we have five concessions that we consider the Recôncavo E&P. They are smaller concessions that we have had for the last 19 years. Adding on to this, we have Miranga. The Miranga pool that has nine concessions. In Bahia, we have a total of 27 different concessions nowadays. In Potiguar, we have 32 concessions, and 1 is a partnership with another company, and a new exploratory block that we are going to start this year, and the extinctions of some of our existing operations. The total would be 58 concessions and one exploratory block inside the company.
You can see in the table the production on an annual basis, it is about 11%. As Marcelo said, it was almost a whole new world from what we have today. This is a monthly production graph per pool, and it shows in the green part, Potiguar, Remanso, these are the 17 concessions that we have had for 20 years, and the new Miranga pool. You can see that during this year, we increased the production. It was more or less in December, we increased 50% of the production, and in the last three months, we increased this to 70.8%, approximately. Note that in the last three or four months, we have been growing our production in each area of assets, in each of these three assets, and this is the situation that Marcelo explained.
The situation where we are increasing our ability to develop these fields with more probes, with more services, and continuous perforation. It is important to note that the increase from December to December 2021 in Remanso and Potiguar, this is organic growth, and it is almost at 18%. This is a reflection of our ability to be able to develop these fields with our experience and our resources, what we already have in the company. In this slide that we are showing you, we have the division of gas that was done during the year. Note that the dependency of continuous growth happening. What you can see here, most of this growth is happening inside the gas area. In this last quarter from 2021, we started increasing the gas that we had in Potiguar.
We had a little bit of help with the acquisition of Miranga. If you look at the average in January and February, from the beginning of this year, our percentage of gas production is getting to about 35% of BOE and that is associated to gas. Two things that allow this to happen are the acquisitions as well as the optimization of seeing these compression systems that we have in Potiguar, and also here in Bahia. Also the increase that we see in these contracts, these economic contracts to develop gas, and several concessions, and this is really something that was left. We did not complete these zones by Petrobras. They preferred oil in these areas. We are once again reviewing all of the pools, all of the different areas, to be able to open up various zones that have a gas potential.
Then we can actually open up these areas, and we can increase our gas production. In this part, we are talking about the Potiguar asset. You can see that the average production increases almost 20%, and this is in the last quarter of 2020 and 2021. If you see this increase, you can see 25% of increase in gas, and that is what I was explaining, and that is what we have in the last few slides. There are several other things. We have started in 2021, we started a continuous perforation program, and we are going to discuss this in further detail. In the last quarter of 2021, we had a fourth probe coming in, and now at this point, we already have five probes that continue to work in Potiguar . You have the continuation during 2021 until now.
There are workover interventions, and there were some areas closed by Petrobras, and we are doing hydraulic stimulation in several areas to optimize production, and also completing the recent perforated wells according to our continuous perforation program. In terms of gas, this is part of the optimization, so using compression. These new gas areas that we are focusing on now, it is part of the optimization of costs and capital in this area. We have already been successful, and we are able to analyze the perforation services and cementation in our program as well. This has helped to lower the cost from 5% to 10% in terms of capital for the perforation of a well. Now, talking about the perforation program, until February, we perforated 20 wells in Potiguar .
According to this continuous program, out of the 18, we have five working since February, and this is providing an increase in production of about 2,000 bbl total. That was in February in Potiguar . These increases are from three to five wells that we are perforating per month, and the program will be continuously done the whole year. The results of these perforation wells are important to note. It is even a little better than what we had in our reserves. We are already getting this in our initial prognosis, and the costs are in line with what we expected. With this optimization in this area of cementation, we are looking at a reduction of 5% - 10% of the capital costs for perforation, and this is helping the economic sector even more.
Now going on to the Bahia asset, you can see this increase in the last quarter. This is associated partly with the Miranga well coming in with the quantity of gas it produced. If we look at this basin along the year, talking about the closing and the buying of Miranga and Recôncavo, the activity of this Bahia asset was a little low during this time, waiting for the closing of these deals. But we still attacked this Miranga when we closed Miranga, and you can see in the graph on the right, you can see that very quickly, within two or three months, we have seen movement of about 30% in the production of BOEPD, and partly it was gas, partly it was oil, and the optimization of this field and the execution of some workovers. In terms of activity in Bahia, this activity continues to grow.
In the last quarter, we had a probe placed in the first three weeks of the operation in Miranga to make some workovers that we had identified inside the reserves report, and we continued to increase the quantity of workovers and investments over there. Nowadays, we are not using this in Bahia. We have four probes now that are doing workovers in Bahia, and this is what is going to happen in the Miranga field. I'm going to talk a little bit about the reserves report for the end of 2021. This is for the investors and the market. Just very quickly, this is a reflection of all three wells right now. If you have, the camera isn't working. Maybe someone's disconnected. Are we still connected? Yes. It's just the image.
We had a technical problem here with our camera and Zoom. Please let us know if you can hear us, if we can continue. Just a quick summary of the reserves report, a summary of it that was placed in the market two or three weeks ago. The highlights here are the following. We have increased the additional reserves in the three poles that we were talking about. This is equivalent. In 2021, we have 5.5 million, so there is an increase of about 5.8 million for this year until 155.9 million. There are some aspects of these reserves. You have the increase in PV-10 and the amount, all of the PMS, which is the standard that we use in our reserves, to $2.2 million.
The reserves, as we said, were at BRL 3.8 billion, and there is an indication of sustainability, and the replacement of the reserves, it's almost 200%. The company is still growing in terms of reserves, more in reserves compared to production. It's a factor of two. The relationship of the reserve, we have the production considering the reserves that we have in this report, and this is giving us a ratio of 28 years. If the company produces the quantity that we're producing now, it has almost 30 years to produce these reserves. We can see that the reserves now, they're almost 40% of our total reserves. If you go onto the next slide, you're going to notice the increased production. This has been divided into two graphs. In the first one, I'm showing you the two areas, one of oil and one of gas.
You can see that the gas component is going up every year, and starting in 2022 until 2026, the percentage of our production is coming to around 30%-40% of gas. The production of January and February, if we look at this prognosis in terms of reserves, this is what we're going to produce. It's 19.9 Mboed, and this is throughout the year on average for 2022. The quantity, the average production that we already have in January and February, it's 97% at this level. We already have 85% in our program, in our development program, so that we can do in these three articles. Going on to the average cost of BOE, we can see that graph that I'm showing you.
This is the average cost per barrel, and in 2019, 2018, before Potiguar coming in, the old production that we had for this in those two years was very mature, and it was a secondary recovery phase. Because of the quantity of water that we have to recover these reserves, it is a higher production and the operation is newer with Potiguar, which is what happened in 2020. In 2020, Potiguar was $8 a barrel, and Recôncavo was $14. From $21 to $14, this fall, this decline is because of those who had higher water production during this crisis, during this pandemic. Going back to this recently, we can see that we are activating several areas in Bahia, several wells. We are taking up the production, and we are looking at the cost of production there.
Now there is the increase that we are looking at in Potiguar. It is also in terms of maintenance and expansion of our reliability program that we have in this area.
I think it is important to say that with the entrance of Paulo Miranda as an associate, we have the expectation that the impact is going to be very positive. There is going to be a reduction in the cost of the oil barrel produced by the company. This is something that we have already seen.
Exactly, Marcelo. Now I am going to pass it on to Rafael so he can review this part. Looking at the other aspects.
I am going to talk about gas now.
Good morning, everyone. Now looking at the financial part. In gas, as Marcelo said in the beginning, this is something that changed starting in January of this year.
Before we sold all of our gas production to Petrobras, and now we are hiring processing services to be able to distribute this production. Our previous activity in terms of gas was only for Petrobras. Now we have three different sources of revenues for the gas. The dry gas that has been sold to three different state distributors, Bahiagás, Potigás, and PBGás. These are contacts that will go from a fixed dollar price to other factors that will be used. We also have LGP, and we also separate that. We also have this connected to gas that is used for cooking, and then it is sold to Petrobras, and there are connections with Petrobras. Normally this liquid fraction goes to Petrobras.
We have these three, and three different sources of revenue for gas, which is different from what was happening in 2021. Next, please. The summary of the DRE, I am not going to go into the details, just the highlights. The net revenues, in terms of the hedging effect, it means that in 2020 it was pulled up by the hedge, and then it went down in 2021. The next slide will show us the details of that. There is also a technical detail in the fourth quarter of 2021. There was the closing in December of Remanso and Miranga, and there is a cause for that.
We see that when we take over these fields, there is oil and gas that is contained there in the operational area, and this belongs to Petrobras, and usually this is taken out of the first one, and this is BRL 20 million less that we got in December because we were paying Petrobras for the stocks that were stuck in the production infrastructure. The part of expenses and costs, we have talked a little bit about that. We are just mentioning this. When we are preparing, when we have an operation like Miranga, when we are mobilizing additional probes, usually we have to bring these professionals beforehand, so one or two months beforehand, and for them to be able to be incorporated in the company trainings and know about all the processes, and then you can carry all of the costs, and you only capture the production from Miranga after that.
It is the cost and then 20% of the revenues. In the financial area, I would only highlight that in 2020, we had an evaluation that impacted the results negatively. In 2021, the financial results according to the exchange rate is still negative, but there was still increases in all of the different lines of the company, different from the operational profit there. These are details about the hedge. This is the table with all the contracts that we have open, and this was done basically in 2019, 2020. We have a horizon of three years, more or less 4.8 million barrels of oil. It was negative for us in December, these BRL 464,000, and in the fourth quarter, we have about 57,000 in terms of the barrels.
Our covenant for the hedge, these are percentages of our reserve, and we are going to have this over the next 36 months only from Potiguar IP. We looked at this yesterday. Because of the current scenario with oil going up quite a bit and the structure that we have, we are basically building the price of oil. We have already asked our creditors just so we do not have to do additional hedges in the short term. We got this, and since the hedge volume is a percentage of the reserve that we have, and the reserves that we have have increased in terms of the number of barrels, in the first quarter, it was placed at 600,000 additional barrels of hedge that we did not have to do because they gave us more flexibility.
We have the gas revenues that are relevant now in Miranga and Remanso, so it was not necessary to have this huge hedge production. Just highlighting this, in 2020, this graph on the top shows that we benefited a lot from the hedge. We paid a bit of this bill in 2021, probably in 2022, again. The price had a lot of volatility. It is important to have this safety and something that the company will be able to pay for. The situation is changing a lot starting this year, and if we make a calculation, the volume that is hedged currently per month, so the daily production, that is about 422 bbl a day, and that is our average production of BOE, and 44.5% of the oil production.
Our expectations with the production, this will proportionally be much smaller in terms of the weight for the company in 2022. The cash flow statements, just talking about operational cash, that is quite high. This is the accumulated amount of 2021. There was also a lot of investment in immobilized assets and organic growth with the perforation of wells, and also the closing of a series of transactions. There were resources from the IPO. Next, please. These were the big items in our cash flow during this period. Next, please. Okay. This also shows the cash flow position in the future. This is the amount of payments we still have to make. We have the indicators like the debt of the company. There is growth during this period, but with the closing of the transactions, we saw these installments that still have to be paid.
We have $56 million because of the extension of the concessions of Riacho da Forquilha, and they are beginning to be approved, so we have this amount to be paid. We hope to pay this in the second and third quarters. Then we have different payments from Remanso. There is still an installment for December of this year. In Miranga, there are several payments distributed in three years, deferred installments, and also earnouts. All of these are on demand, so the highest one is over here, and we have recognized the full value in our balance as obligations that have to be paid, liabilities that have to be paid. We closed the year with a position of about $156 million, and this yellow part is the debt that we still have, and we are going to be paying this to Petrobras in green.
In gray, this is the distribution over time. We hope in the current scenario, we are going to have a cash scenario that is going to be quite strong, and it will allow us to pay many of these liabilities without needing any further resources. Now back to Marcelo for the closing.
I think Troy and Rafael went into the details of what happened this year, and as I said in the beginning as well, we are still working very strongly to mobilize equipment and people, and recently received the second unit of hydraulic processes, and it is going to start working over the next few days. We also have the cost of investment and the hedging of these operations, and we have had exceptional results. We are going to accelerate the investing program, so it is a very daring investment program in the 22 years of existence of the company.
We have a perforation campaign that is continuous, and we have BRL 700,000 as CapEx. As we are able to go through the projects, this is giving us even greater results according to our expectations. In terms of looking at several wells in a larger graphical area with limitations in terms of safety and roadways, guaranteeing the capacity of execution is extremely critical so that we can move further ahead. I would like to thank the team for its great effort in this sense. Very soon, we will give you our first sustainability report. We started developing this in Rio Grande do Norte social area work, and I think this reinforces our commitment with sustainability, with ESG, and with the social aspects. We also have a lot to work through in the new gas market. We are going to have positive surprises throughout the year.
The company has gone up the ladder in terms of monetization capacity of its gas. It has gone into new markets. In 2021, as Rafael said, we had diversification in our production and of our customers as well. We are very satisfied with that, and I think this is something that is going to grow. We still focus a lot on expanding the positioning of the company in the gas market and probably moving over to the treatment of gas, and also increasing our presence in commercialization. Besides that, of course, we continue to pay attention to growth opportunities, and you know that many of you are anxious to ask questions about the communication that was made to the market yesterday. We are very satisfied to be close to Eneva, the Bahia pole, and this has been followed by many of our shareholders.
We always looked at Eneva, and we understand that out of all the players in Brazil, it is the one that has a natural complementary aspect in terms of the geographical area it works in and how it sees the operation in a mature field. So it is definitely very complementary in terms of our company when we are talking about gas trading, and we are very focused on supplying gas to state distributors and to the customers and the consumers. So we are very aligned. As always, this company has been trying to ensure, as soon as we put a significant asset like the Bahia asset, we have to do it in a way to keep the company competitive. But the idea is to generate a lot of value to our shareholders in the future. Thank you, everyone. Now we are going to open up for questions. Right, Marcelo?
Thank you, Marcelo.
Now we are going to go to the Q and A session. Remember that those who want to participate can send their questions through the Q&A, and we are going to open up the microphone so that you can address your questions directly. Let us start with Tasso Vasconcellos from UBS.
Hello, everyone. Thank you. Thank you for accepting my questions. Let me try and divide them into two parts. It is for Polo Bahia . Of course, considering everything that you can say, Marcelo talked about that, how complementary the companies are. I would like to understand what motivated you to go into this a bit together with Eneva. Also in the same line of participation, what is your share in the asset, and who is going to be the operator, and if it is possible to separate the operations in the asset?
The second point, with regard to the Bahia Terra, what do you estimate to be the timing for the process? I know that you cannot talk about specific amounts, but in general, what are the dynamics that you have seen in the market, and why are we asking about this? Because some thought the bid was a little high from the player, but we have seen new sorts of dynamics in the market with the price going up from then until now. So has that interfered in your negotiations currently? Or maybe if you look at the future curve, maybe you did not have such a big impact. These are the two questions. Thank you.
Well, I do not know if you know, we cannot really talk about the values, right, the amounts. But we have a long-term view.
Of course, there is some impact, but it's not the impact that you can look at according to the spot prices that we see in the media. Now, with regard to Eneva, I have talked about the mutual admiration and the complementary aspects. I'm not going to open up the details of our deal. I just wanted to say that it's going to be an operator. We have this expectation, and we have a specific experience besides all of the installed bases of the company in Bahia. But I think there will be a great collaboration between the companies, and especially when we think about modernization. But I'd like to say that it's something that opens up doors from now on, and if possible, beyond the Bahia Terra.
Now, the complementary aspects that I was talking about, this leads me to feel that this can generate value to the shareholders and the companies. Would you like to add something, Rafael?
Yeah, a little bit about the agenda, right? We're thinking that since this process it's already advanced, considering the scenario that we have from now on, the expectation is for Petrobras to try to choose, to select the bidder quickly, maybe two to three weeks, and to start that negotiation phase. Right? Now, if we are chosen, our expectation is that since we've already been through this negotiation recently in Miranga and Remanso, we have something that is pre-agreed upon. Right?
We have precedents from other aspects that we've worked on, and it's difficult to look at the timing, but the expectation is we have this sort of transaction, and if we are picked, until June or July maximum.
Yeah, but Tasso, I think that everybody is very interested, and this is definitely what brings questions up, but this has been studied quite a bit. It has been elaborated, and we understand that it's competitive, but for now, it's just the bid.
The second question is from Guilherme Levy from Morgan Stanley.
Hi there. Good morning. Thank you for accepting my questions. My first question is, if we think about the oil price of today compared to what the company had designed a few months ago, I think it's easy to imagine that we could have an accumulation or excess cash over the year.
I would like to understand what could be done with the excess cash. If all of it could be used to accelerate the CapEx campaign in an organic manner, or if today it makes more sense for you to accumulate this cash to be able to have a greater firepower for a potential transaction of inorganic growth. The second question is also related to that. In case the company invests more, so in other words, accelerates the program of the assets that are inside the portfolio, what kind of impact can I expect for the production curve? Is there any thumb rule, how much it could increase my production in 2022 and 2023? These are my questions. Thank you.
Guilherme, I think there are no thumb rules, but just trying to answer your question, we have worked with all of these options, and we've looked at conditions that we can implement, things that we are planning. It's always a challenge. The volume of growth in the structure is huge, so we still don't want to make any huge forecasts. In February, we have 97% of the average foreseen in the reserves report for the SP curve. While we don't have the definition about the bid, we have to be more careful in terms of the company test. I'm going to give you another aspect. We still have installments to pay in Miranga and also Remanso, but currently we started looking at the processes in the fields, and one of them was approved.
Depending on the field, especially the more relevant ones, this is a trigger for you to get added payments, and this is connected to these fields. These are all the potential cash that we have for the company.
I would add that they also asked about dividends. I got that question through my WhatsApp, and we are proposing the distribution of dividends about 25% of the adjusted net profit. As Marcelo mentioned, expecting to get the results in terms of the strategic, and how much part and how we're going to invest in new projects, and the distribution of complementary dividends around the year, and if we have the generation of cash that is higher, and if not, adequate use of our projects in our portfolio.
Thank you, Guilherme. The next question is from Itaú BBA, Leonardo Marcondes. Your microphone is off. Can you hear us?
We can't hear you. There was a problem with Leonardo's audio. We'll go on to the next one. Carlos Vieira. Carlos? Carlos Vieira is not with us. Let's go to João Frizo from Goldman Sachs.
Hi there. Can you hear me?
Yes, we can hear you, João.
Okay. Good morning, everyone. Thank you for accepting my question. My question is with regard to what you announced yesterday, and of course, as much as you can comment about it. When we look at the leverage, we're looking at the EBITDA debt relevance. What you have in Bahia Terra, in your portfolio, we wanted to understand the most probable funding for this sort of project if this case with Petrobras is going to follow through. Thank you.
Good question, João. There are some technicalities, right?
It seems a little high because basically it's the acquisition of Miranga, but it has not reached the EBITDA of the last few months. It's far from reflecting the capacity, and of course, we can't give you that number, but the EBITDA projected for this year will be very different from what was done in 2021 because there was a series of acquisitions throughout the year, and definitely it's a different amount in terms of production. The starting point is not as high as this number may tell us, but considering the acquisition in the Bahia Terra, definitely our strategy would involve a combination of additional uptake, and because of the debt, to be able to address this commitment. Always remember that this process has a long period between the signing of the acquisition and the closing.
Close to one year, and we have a little time to be able to do this sort of operation.
Great. Thank you.
Let's try Leonardo again. We still can't hear you, Leonardo.
Hi, is that better?
Okay, now we hear you.
All right. So good morning, everyone. Marcelo, Troy, Rafael. Thank you for accepting my questions. Sorry about the technical problem, but anyway, let's go. My first question is also about Bahia Terra. Sorry about being incisive about it, but I'd like to know if in this process specifically, if there was some kind of different demand from Petrobras, because according to the news that came out, the first bidder was not able to present the warranties necessary. So that's my first question, if there was something different, some kind of different demand from Petrobras in this process.
My second question is about Urucu, if the company has some kind of interest in this asset, and if so, what are the challenges to operate this asset, because it's in a more distant basin, and what are the competitive advantages in your opinion? My third question here is about the probe market in Brazil. So how do you see the dynamics of supply and demand, and I think the demand is probably very high for this sort of asset, but I'd like to understand if you see any kind of bottleneck here. So these are the three questions. Thank you.
We can't really comment on this. You would have to ask Petrobras this question. We are involved in this process, and we don't have the permission to talk about that.
But I'm going to talk a little bit about the probes, and I'm going to ask Troy to talk about this asset. We have looked at it several times, and maybe you can talk a little bit about the challenges of operating a different sort of basin and some kind of trading challenge. With regard to the probe market, we know this market very well, and we have the shareholders. As you all know, it's an area that the company started a long time ago. It decided to verticalize, so vertical integration. I always consider this to be an advantage, a sustainable competitive advantage for the company. Our know-how in operating probes, perforation probes, and in terms of cementation or mud, or all these things.
We did this to be able to deal with the immaturity that we see in Brazil because of the decades of centralization made by only one company. So this has a huge impact in terms of competitiveness and price and safety. We have ensured the importing of some equipment, but we don't necessarily need to operate all of our own equipment with our own teams. In this transition phase, we have not had huge problems hiring services. We have a mix. So we have our own probes. We also have equipment that has been hired from third parties, operated by other people, not ours, and we also have full services, the teams from the companies. So it is a healthy mix, I think, in terms of the competition. It pushes up to show that we are very efficient. I think two challenges that are important in this market.
One is the integrity of the equipment. We have been very strict to guarantee the equipment that we buy or that we rent. The level of physical integrity and mechanical integrity has to be very high. In some aspects, this has caused delays in mobilization because some companies in the national market are not used to this sort of thing. The challenges in terms of labor, it is an area where you had the use of this equipment stopped, so there was no investment from Petrobras, and that was still most of the cases. There is older labor that has retired, and then we have new labor coming into the market. This is a partnership in Bahia so that we can train these new people.
All the people who participate in these courses, they are going to be interviewed, and they will be hired eventually to operate our probes in the near future. There are some challenges, but I think we are very well prepared to be able to face them. I am going to pass the word on to Troy so that he can tell us a little bit about the challenges in terms of what he has seen in his professional life.
Good afternoon, Leonardo. As Marcelo said, these are details, and we have the challenge, as you said. The challenge is in terms of logistics, right? The fields over there, they are excellent ones. The accumulations of oil and gas and infrastructure, everything is good for production in these fields. We also have optimization, so the challenge is more in terms of logistics more than anything else.
You need to have things well planned ahead of time, and when you send the equipment or the materials, you have to be sure that you are looking at the execution plans for these fields. These fields have a long life, and this is inside our radar to consider that. There is an impact in terms of logistics and also in trading. You have to move all these products through the gas ducts, and you have hundreds of kilometers of distance, different tariffs. It is a complex pull, commercially speaking, when you talk about logistics. But the way that this is produced, the operations are not that complex. Optimization of the production is something that we have evaluated, and we have a development plan in this field.
We already know what we can do with these fields in terms of logistics, and the logistics and the commercial area are the challenges. It is important to highlight that we had access to the materials and documents and information about these fields, and there was a different moment in terms of the assets that were available. Nowadays, working with the process, we are considering doing this. Yes.
The next question is from Fabiano Vaz. Fabiano, can you open your microphone, please? I am going to read a question that we received here. It is one of our investors who asks if we have most of the funds in terms of the exchange rate, and if the recent variation in the dollar can actually affect our results in 2021, 2022.
Yes, we have 75% of the company cash applied in exchange rates, plus the commitments in terms of our debts, our bank debts, that have to do with Riacho da Forquilha, as well as the payments in Petrobras. Everything is in dollars. So on the one hand, yes. If the dollar goes down, this generates a loss in terms of the exchange rate. On the other hand, there is a greater loss, a greater reduction in terms of liabilities. So if there is anything, it's a positive impact in terms of the net profit of the company and this exchange rate.
Once again, trying to open up Fabiano's microphone. That's our last question. I'm going to read the question here.
If the company has, besides Bahia Terra, if there's any other fields that you are looking at, if Petrobras has anything else that makes sense for the company. Also of our average production cost, what can we expect for that this year?
Well, as the asset is Urucu, it is the only asset that is still available from Petrobras. In the past, we looked at other areas, and we're going to look at other assets if they become available. But the company in 2022, it has been structuring itself to have a specific area of M&A and reinforcing this area. We're discussing this with our Board, the growth strategy that is inorganic. So we don't have a definition yet, but we are looking at alternatives that can go beyond the acquisition of mature fields in Brazil, and this is clearly something that can be done.
If we believe that there can be some kind of operation in terms of M&A or some kind of production contract of this nature, we always look at this in the market, everything that exists in the market, and eventually we can also look at South America within the company. But we are open, and we are restructuring and reinforcing not only with people, but with the process and a clear view of what we're going to analyze or not, considering the business assets that can open up our inorganic growth of the company. This is a great challenge, and we are trying to deliver the organic growth. It's not easy.
Whenever our activity definitely demands a huge volume, and the managers in the companies, they have to be focused on this sort of thing, and the progression that will happen definitely will receive the negotiation aspects with Petrobras and also the preparation of the structure to be able to include these fields.
With regard to the average production cost in 2022, well, as Marcelo said, we're already integrating the Miranga field, and the Miranga field has a certain quantity of gas that it's not producing now, but it needs to be used. These gas fields, they have a cost per barrel, and it's very low considering operations that are secondary recovery in oil fields initially.
What I think is that the development of this gas this year, this will give us a cost per barrel, and this will increase or reduce this during this year when we actually get close to 35% or 40% of our BOE production for gas. This is going to be the average number for the company. On the other hand, looking at specific aspects, fixed costs and variable costs for the production of flows, we're always fighting to reduce these wells, especially with regard to the fixed costs and also the benefit of having Miranga beside Remanso, our existent operation, and we can capture some synergies, and we already have the fixed costs that exist there. We're also considering this offer and this potential acquisition of Bahia Terra.
We believe that these synergies will help in getting a better cost per barrel to be able to deliver this production. I would only add that we have several forces pulling in different directions. We have a great scale and limits in terms of gas production that brings it down, but we have inflation in Brazil and around the world, too, and there's also exchange depreciation, right? If it's a barrel per dollar, the dollar went down 10%, right?
Yes. That will definitely create an impact. There are different combinations in this aspect.
All right. This is the end of our Q and A session, and final remarks from Marcelo.
Thank you everyone for your attention. Thank you for your questions. We're always available to be able to talk about the performance and the expectations of the company. It's always a huge pleasure to do that.
It's a very important moment, right? We're very excited. It's very difficult to overcome everything that we did in 2021 in terms of events, but we're definitely going to try and overcome the results that we had for our shareholders, and we're working every day strongly on our agenda and our resources, getting more equipment and increasing our activities according to the assets we already have. Maybe we can end up having more new assets in a brief period, and that will actually add a lot to the company. Thank you once again, everyone. Have a great day.