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Variations In Company Production Are Related To The High Productivity Of A Recently Acquired Land Field And The Interruption In Production From One Of The Wellheads
This Tuesday (the 12th), operational data from multiple companies was released, among which the independent oil companies PetroRecôncavo and PetroRio stand out. The independent oil company PetroRecôncavo achieved, in June, an increase in its oil and gas production. According to the information shared by the company, 21,400 barrels of oil equivalent were extracted daily during the period, which represents an increase of 5.5% compared to the previous month’s production (20,200 daily barrels of oil equivalent).
In this context, the company highlighted the productivity of the recently acquired Polo Miranga, which began operating under PetroRecôncavo in December. The asset provided, according to the company, an 80% increase in the average daily production in June compared to November of last year, when the former operator (Petrobras) stopped working.
On the other hand, PetroRio – another independent oil company – noted, at the end of June, a reduction in its production. This is because the company concluded the period with a production of 32,900 daily barrels of oil equivalent, which corresponds to a decrease of almost 6% when compared to the performance of May – 34,040 daily barrels of oil equivalent.
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According to the company’s explanation, its production at the Frade Field was impacted by the shutdown of wells OUP1, OUP2, and OUP3, which use the same subsea gas lift system, to facilitate the installation of the gas injection line in well ODP4 – the first producing well part of the field’s revitalization program. Additionally, the production from the Manati field also faced setbacks due to a scheduled maintenance shutdown.
PetroRio Also Reports On The Production Of The New Well ODP4
It was also reported by PetroRio that the volumes produced in its new well at the Frade Field were significantly higher than initial expectations. Named ODP4, the well initially produced a value close to 15,000 barrels of oil daily. Thus, there was a 45% increase in the company’s production at the beginning of this month, totaling 48,500 barrels of oil per day.
The well was the first drilled as part of the field’s revitalization campaign. It was executed in 68 days, including the subsea connection, which is a much shorter time frame than projected, allowing for a 30% reduction in costs compared to the budgeted amount for the construction and subsea connection stages.
About PetroRecôncavo
PetroRecôncavo is one of the main independent operators focused on mature land fields in Brazil. Its portfolio includes oil and natural gas concessions, in which the company acts as a concessionaire and/or operator.
The expertise of the oil company is associated with high cost performance and operational efficiency, implementation of secondary recovery mechanisms through water injection, vertical integration of services, and other diverse activities.
About PetroRio
PetroRio currently stands as the largest private oil company in the country. It is a publicly traded company focused on the production of oil and gas as well as the investment and recovery of producing assets.
The company specializes in the efficient management of reservoirs and the development of mature fields, besides being dedicated to the production, exploration, commercialization, and transportation of oil and natural gas.
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