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The Oil and Gas Industry Giant Announces Significant Benefits for the State
PRIO, a notable leader in the Brazilian oil and gas market, commits to injecting approximately R$ 2.5 billion in royalties for Espírito Santo, directly benefiting the region near the innovative Wahoo field, located in the Campos Basin. This announcement comes as a promising milestone for the local economy, forecasting the first oil extraction for the third quarter of 2024, subject to the approval of environmental licenses by Ibama.
The announcement was made at an event organized by the Federation of Industries of Espírito Santo (Findes), which brought together business leaders and executives from the sector to discuss the company’s future operations in the region. This initiative aims not only to strengthen the local economy through the generation of royalties, but also to establish the Wahoo field as a pioneer in operational interconnection methods in Latin America, with expectations of producing up to 40,000 barrels of oil daily.
Innovation and Technology on the Horizon
The development of the Wahoo field represents a significant advancement for PRIO and the oil and gas sector as a whole. By acquiring the field in 2021, the company demonstrated its ability to revitalize mature or previously unviable fields, identifying unique exploration opportunities. The strategy includes the installation of a tieback to connect Wahoo to the existing production system at the Frade field in Rio de Janeiro, exemplifying the company’s constant pursuit of operational efficiency and sustainability.
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This project not only reinforces PRIO’s position as an innovative force in the market but also promises to significantly contribute to the economy of Espírito Santo, generating hundreds of direct jobs and moving around R$ 860 million in local supply chain business even before production starts.
Commitment to Regional Development
The collaboration between PRIO and local suppliers is a testament to the economic potential that the Wahoo project brings to Espírito Santo. With over 500 companies involved in the state’s oil and gas chain, the project not only promotes job creation but also stimulates the growth of local suppliers, reinforcing the importance of the industry to the regional economy.
Furthermore, leaders and representatives from the sector, such as Findes president Cris Samorini and Senator Fabiano Contarato, highlighted the importance of initiatives like this for the sustainable development of the state, emphasizing the need to generate jobs, income, and implement public policies to reduce inequality.
A Promising Future for Espírito Santo
By leading the Wahoo project, PRIO not only demonstrates its commitment to innovation and operational efficiency but also underscores the positive impact that the oil and gas sector can have on the economic and social development of Espírito Santo. With the promise of generating significant royalties and strengthening the local supply chain, the project is a clear signal of the growth and prosperity potential for the state and its residents.
Source: Mário Correa – PRIO Press Office.
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