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Forecasts for oil production at the new Campo de Frade well, located in the Campos Basin, exceeded PetroRio's expectations and the company's production reached a 45% increase, thus ensuring an even greater presence in the region.
Last Monday (11/07), the oil and gas company PetroRio announced that the volumes of oil produced in the new well in Campo de Frade, located in the Campos Basin, were higher than previous projections for the location. The company's production at the new well ensured the company's total productivity growth by 45% and the oil company is now looking to expand its presence in the oil sector. oil and gas in the Campos Basin region.
New PetroRio well in Campo de Frade ensures an increase in oil production by the oil company in the Campos Basin region by 45%
PetroRio continues its expansion project in the oil and gas market in Brazil and announced this Monday another great result for its production, a significant and unexpected growth in the new well in Campo de Frade, located in the Campos Basin. Previously named ODP4, the oil company's new well had a stabilized initial production of approximately 15 barrels of oil per day.
And, according to the most recent results released by the company, the company's production had an increase of about 45%, totaling 48,5 thousand barrels of oil per day. Thus, this structure becomes increasingly important for PetroRio, not only in terms of productivity, but also for the resumption of exploration in the Campos Basin region, since this was the first well of the Campo de Frade revitalization project .
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The ODP4 well had a total execution time of 68 days, including the subsea connection, a period well below projections, resulting in a cost reduction of 30% of the budgeted amount for the construction and subsea connection stages. Now, with the good results and fast delivery of the drilling of the well, PetroRio intends to expand the revitalization project of Campo de Frade and will proceed with a new drilling, aiming to take advantage of the productive potential of the region.
Revitalization of Campo de Frade is accelerating and the company intends to take advantage of the scenario for new drilling in the Campos Basin
The delivery of the drilling of well ODP4 in Campo de Frade surprised PetroRio and the oil company now intends to take advantage of the acceleration in the project to revitalize the site to drill the second well, MUP3A. This new well will have a total production capacity of around 3.500 barrels of oil per day and will ensure an expansion in productivity in the Campos Basin region.
Thus, PetroRio highlighted in a statement: “This new well, although it has a lower production perspective than the others (about 3.500 barrels of oil per day), will also have a CAPEX much lower than that of the ODP4 well, given that it will use the subsea structure and part of the MUP3 well (currently without production)”.
Finally, the company reaffirmed the values of the Campo de Frade revitalization project, which were around US$ 210 million in investments and said that the project would proceed as expected during the coming months.
Learn more about PetroRio
PetroRio is currently the largest independent oil and gas company in Brazil and its main focus is on the efficient management of reservoirs, in addition to the revitalization and resumption of oil and natural gas production in mature fields in Brazil, thus tracing new frontiers of innovation for the entire oil and gas market.
