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Seacrest Oil Company Launches Drilling Campaign in Search of Increased Oil and Gas Production in Espírito Santo
Seacrest Oil Company announced the start of an ambitious well-drilling campaign in the Inhambu field, located in the Cricaré Polo in Espírito Santo. This strategic move aims to further expand the company’s oil and gas production in Brazilian territory, according to the EPBR website.
With the aim of boosting its production in Brazil, Seacrest Oil Company has initiated a well-drilling campaign in the Inhambu field, located in the Cricaré Polo, situated onshore in Espírito Santo. This campaign, part of a multi-year program, is scheduled to include the drilling of 8 to 10 new wells by the end of 2023.
This initiative follows the acquisition of the North Capixaba Polo in Espírito Santo and the subsequent assumption of operation of this asset by Seacrest in April. Since then, the company has recorded a notable increase in its production in Brazil.
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Currently, the oil company achieves a daily production of 9,180 barrels, not only in Espírito Santo, exceeding the average of 8,000 barrels per day recorded in the second quarter of 2023 and the 6,000 barrels per day at the beginning of the year.
Ambitious Goals for the Future
Seacrest Oil Company maintains its long-term vision, which includes the goal of producing more than 21,000 barrels per day by the end of 2025 in Espírito Santo and an ambitious target of exceeding 30,000 barrels per day by the end of 2027.
To finance part of these ambitious plans, the independent oil company conducted an initial public offering on the Oslo Stock Exchange in Norway in February. This action resulted in raising an impressive US$ 260 million.
The oil company has strengthened its presence in the Brazilian market by acquiring, in recent years, the Cricaré and North Capixaba polos, totaling 31 onshore fields in its portfolio. The North Capixaba Polo also houses a terminal with a capacity to store 500,000 barrels of oil.
Aspirations in the Brazilian Onshore Market
Seacrest Oil Company has big ambitions in the Brazilian onshore drilling market. The company aims to become the third-largest producer of oil and gas in this segment in terms of reserves and production. Currently, according to data from the National Agency of Petroleum, Natural Gas and Biofuels (ANP), PetroReconcavo and 3R Petroleum lead the ranking of the largest oil producers on land.
The drilling campaign in the Inhambu field in Espírito Santo is a significant step toward these ambitious goals. Seacrest Oil Company is committed to playing a vital role in the expansion and development of the onshore oil and gas sector in Brazil.
As the company continues to invest in its operations and expand its production and drilling, the oil and gas market in Brazil is becoming increasingly dynamic, fostering economic growth and job creation in the country.
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