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The Verification of Some Failures in the Gas Line of PetroRio’s FPSO Platform in the Frade Field Led the Company to Announce the Temporary Suspension of Oil and Natural Gas Production in the Asset, One of Its Key Players in the National Market.
During the night of last Monday, (08/15), the fuel exploration company PetroRio announced the suspension of oil and natural gas production in the Frade Field region, located in the Campos Basin, on the coast of Rio de Janeiro. The reason for the suspension is failures presented in the gas line of the FPSO platform that produces the fuels on site and now needs maintenance.
Oil and Natural Gas Production in the Frade Field Temporarily Suspended by PetroRio After Failures in the FPSO Gas Line
The week did not start well for the oil and natural gas company PetroRio, which announced the suspension of fuel production in one of its main assets in the national territory, the Frade Field, a structure located in the Campos Basin.
The company disclosed that some failures in the gas line of the FPSO platform were responsible for the need for a temporary suspension of production on site.
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The oil and gas company also stated that the shutdown of production in the Frade Field could take an estimated time of five to seven days, negatively impacting the entire production chain of the company in the national sector, as this is an essential asset for its operations.
The Frade Field is responsible for the majority of PetroRio’s production, and only during the month of July, the company extracted 28,500 barrels of oil equivalent per day from the region, or the equivalent of 61% of its daily production.
For comparison purposes, the relevance of the Frade Field in fuel production is so significant that, in the cumulative total of the first half of this year 2022, only production in the Polvo and Tubarão Martelo fields surpassed the daily production of the Frade Field.
Currently, the company is implementing a revitalization plan for the field. One of the company’s new wells in the region, named ODP4, achieved results of 15,000 barrels of oil per day, thus boosting the company’s total production by 45%.
Company May Not Produce 200,000 Barrels of Oil During August Due to Production Suspension at the FPSO in the Frade Field
Due to the strong relevance of FPSO production in the Frade Field for PetroRio, the unexpected suspension of exploration due to the gas line issue may bring significant losses to the company.
As such, the period that may last up to 7 days of suspension at the FPSO could lead the company to forgo producing between 142,000 and 200,000 barrels of oil in August.
Additionally, the impact will also affect the administrative sector of the company, as PetroRio’s shares closed this Monday down 2.1%, trading at R$ 25.33. The announcement of the production suspension due to failures in the gas line was the main driver of the decline in shares.
However, the reduction in share value was also impacted by the drop in oil prices in the international market amid fears of a slowdown in the Chinese economy.
Now, PetroRio is planning the maintenance of the gas line aiming for the fastest possible resumption of production in the Frade Field, to minimize the impacts and losses in its exploration in the Campos Basin.
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