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The Forecasts for Oil Production at the New Well in the Frade Field, Located in the Campos Basin, Surpassed PetroRio’s Expectations, and the Company’s Production Reached an Increase of 45%, Ensuring an Even Greater Presence in the Region.
On the last Monday (07/11), the oil and gas company PetroRio announced that the oil volumes produced at the new well in the Frade Field, located in the Campos Basin, were higher than previous projections for the site. The company’s production at the new well ensured a total productivity growth of 45%, and the oil company is now seeking to expand its presence in the oil and gas sector in the Campos Basin region.
New Well by PetroRio in the Frade Field Ensures 45% Increase in the Oil Production of the Oil Company in the Campos Basin Region
PetroRio continues its expansion project in the oil and gas market in Brazil and announced on Monday another significant result for its production, a significant and unexpected growth at the new well in the Frade Field, located in the Campos Basin. Previously named ODP4, the new well of the oil company had a stabilized initial production of approximately 15,000 barrels of oil per day.
And, according to the latest results released by the company, its production experienced an increase of about 45%, totaling 48,500 barrels of oil per day. Thus, this structure becomes increasingly important for PetroRio, both in terms of productivity and for the resumption of exploration in the Campos Basin region, as this was the first well of the Frade Field revitalization project.
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The ODP4 well had a total execution time of 68 days, including the subsea connection, a timeframe significantly shorter than projections, resulting in a 30% cost reduction from the budgeted value for the construction and subsea connection stages. Now, with strong results and quick delivery of the well drilling, PetroRio intends to expand the revitalization project of the Frade Field and will proceed to a new drilling, aiming to harness the productive potential of the region.
Revitalization of the Frade Field Continues to Accelerate and the Company Aims to Leverage the Scenario for New Drilling in the Campos Basin
The delivery of the ODP4 well drilling in the Frade Field surprised PetroRio, and the oil company now intends to take advantage of the acceleration in the revitalization project of the site to carry out drilling at the second well, MUP3A. This new well will have a total production capacity of about 3,500 barrels of oil per day, ensuring an expansion in productivity in the Campos Basin region.
Thus, PetroRio highlighted in a statement: “This new well, although it has a production outlook lower than the others (about 3,500 barrels of oil per day), will also have a CAPEX significantly lower than that of the ODP4 well, given that it will utilize the subsea structure and part of well MUP3 (currently not in production).”
Finally, the company reaffirmed the values of the Frade Field revitalization project, which amounted to around US$ 210 million in investments, and stated that the project would proceed as expected over 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, as well as the revitalization and resumption of oil and natural gas production in mature fields in Brazil, thus charting new frontiers of innovation for the entire oil and gas market.
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