ANP Approves PetroRio’s Acquisition of Another Stake in the Wahoo Field in the Campos Basin

PetroRio Holds Approximately 64.3% of the Field With the Acquisition of 28.6% in Block BM-C-30, in the Wahoo Field, in the Campos Basin

PetroRio announced that the National Agency of Petroleum, Natural Gas and Biofuels (ANP) approved the assignment of the 28.6% stake in Block BM-C-30, Wahoo Field, from Total E&P do Brasil to the company. The transaction took place on March 4, 2021, and with this, PetroRio now holds 64.3% of the field, located in the Campos Basin. Also see: Oil – ANP Approves and PetroRio Will Drill 4 Wells in the Frade Field, in the Campos Basin

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Acquisition of Another Area in the Wahoo Field, in the Campos Basin

The operation will allow the creation of a second production cluster through the tieback of Wahoo to Frade, continuing PetroRio’s strategy of operational optimization of its assets.

The first oil from Wahoo is expected to come online in early 2024. PetroRio stated in a release that the Wahoo Field has approximately 125 million barrels classified as 1C resources, along with approximately 7 million additional barrels 1C to be added to the Frade Field, according to the reserves certification report by DeGolyer & MacNaughton conducted in 2021.

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PetroRio also disclosed what the next steps will be after receiving authorization from the ANP. See: 1) Signing of the Addendum to the Concession Contract; 2) Initiation of applicable Cash Calls related to the execution of the field development plan; 3) Declaration of Commerciality; 4) Submission of Development Plan; 5) Start of drilling and interconnection project; 6) First oil from Wahoo.

Also See: PetroRio Acquires the Wahoo and Itaipu Fields in the Pre-Salt, in the Campos Basin, After ANP Approval

PetroRio announced last week, through a relevant event, that the National Agency of Petroleum, Natural Gas and Biofuels – ANP, approved the assignment of 35.7% interests 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. 

With ANP’s approval, PetroRio becomes the operator of both fields, located in the pre-salt. The company claims that it expects to create a second production cluster by interconnecting Wahoo to Frade, “continuing the strategy of operational optimization of its assets.” The start of operations at the Wahoo Field, in the pre-salt of the Campos Basin, approved by ANP, is scheduled for 2024. The field has approximately 125 million barrels, plus 7 million barrels to be added to the Frade Field with the extension.

In a statement, the company says that, with the transaction, it aims to create a second production cluster through the tieback of Wahoo to Frade, continuing the strategy of operational optimization of its assets.