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PetroRio Announced That ANP Approved the Transfer of 35.7% Interests in Wahoo and 60% in Itaipu, Both in the Pre-Salt of the Campos Basin
PetroRio informed last week, through a relevant fact, that the National Agency of Petroleum, Natural Gas and Biofuels – ANP, approved the transfer of the interests of 35.7% in Block BM-C-30, or Wahoo Field, and 60% in Block BM-C-32 (or Itaipu Field) to PetroRio, which becomes the operator of both pre-salt fields located in the Campos Basin. See also: Pre-salt Oil Production in the Santos Basin Reaches Another Historic Record in Brazil, According to ANP Data
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Operation in the Oil Fields in the Pre-salt of the Campos Basin
With ANP’s approval, PetroRio becomes the operator of both fields located in the pre-salt. The company states that it expects to create a second production cluster by interconnecting Wahoo to Frade, “continuing its operational optimization strategy for its assets.”
The start of operations at the Wahoo field, in the pre-salt of the Campos Basin, approved by the ANP, is expected for 2024. The field has approximately 125 million barrels, plus 7 million barrels to be added to the Frade field with the extension.
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In a statement, the company says that, with the transaction, it aims to create a second production cluster through the interconnection (tieback) of Wahoo to Frade, continuing its operational optimization strategy for its assets.
See Also: New Agreement Signed Between ANP and the RJ Government to Enhance Oversight on Oil and Gas Production
On Monday (06/14), the government of Rio de Janeiro and the ANP – National Agency of Petroleum, Natural Gas and Biofuels – closed a cooperation agreement to enhance oversight of royalty payments and special participations on oil and gas production in the state.
In a press release, the government of Rio de Janeiro clarifies that the agreement with the ANP defines parameters to improve the methodology for overseeing the compensatory revenues from oil and gas exploration in Rio. The State Department of Finance (Sefaz-RJ) estimates that the state of Rio de Janeiro may have lost about R$ 10 billion in special participation revenue over the past ten years.
The execution of the agreement between the ANP and the government of Rio de Janeiro fulfills a requirement of the Federal Supreme Court (STF) and occurs amid the work of the Parliamentary Inquiry Commission (CPI), established by the Legislative Assembly of the State of Rio de Janeiro (Alerj) in March, regarding the decline in oil revenue recorded at the beginning of 2021. In the first two months, state revenue from royalties and special participations totaled R$ 2.57 billion, about R$ 800 million less than the amount recorded in the same period of 2020.
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