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The Acquisition of Frade Field Doubles PetroRio’s Production Compared to Last Year
The oil company PetroRio saw its production last month (March) increase by 70% compared to February and 125% compared to the same period last year.
This is due to the acquisition of the Frade Field from Chevron by the oil company in February, which led March production to reach 20.8 thousand boe/day.
Although PetroRio operated only seven days at the Frade Field, the asset produced 9.7 thousand boed, meaning the plans to accelerate production at the field were satisfactory for the company.
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Meanwhile, other fields operated by the company saw declines in production; the Manati field, in the Camamu-Almada Basin, due to a scheduled 29-day shutdown, only produced 1.7 thousand boed in March, a 37% drop compared to February and a 35% drop compared to the same month in 2018.
Another PetroRio field that showed a decline was the Polvo field, in the Campos Basin, which produced 9.2 thousand boed in March, a 1.1% decrease compared to the previous month and a 43% increase year-on-year.
Future Planning
PetroRio plans to conduct a drilling campaign and a development plan for the Frade Field in the first quarter of 2020, aiming to extend the field’s lifespan by more than 10 years.
Regarding the Polvo field, the company wants to start exploratory campaigns in the Copacabana, Leblon, Ipanema, and Piratininga prospects later this month.
In a short time of operation, PetroRio already has a respectable portfolio, as it operates the Polvo Field with a 100% stake and holds 10% of the Manati field and 51.74% of the Frade field, and in the Amazonas Basin, the company operates blocks FZA-M-254 and FZA-M-539.
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