PRIO breaks oil production record and prepares for first oil in Wahoo Field

The independent operator achieved record production of 91 barrels of oil per day in the second quarter of the year. PRIO is now preparing to start the first oil from the Wahoo Field in 2024.

The national independent oil company PRIO recently announced great results in its campaign in the Campos Basin. The company reached the target of 91 barrels of oil per day produced in the offshore region. One of the highlights for achieving these results was the Friar Revitalization Plan, which is underway in the region, and has been bringing large production numbers. Now, it is preparing to start the first oil from the Wahoo Field in 2024.

Record PRIO production in the second quarter of 2023 surprises oil market

Independent operator PRIO reached a significant milestone in the second quarter of 2023, with an average production of 91 barrels of oil per day.

The highlight was Campo Frade, which benefited from the Revitalization Plan implemented by the company.

As a result of the completion of the ODP5 (F23P3) producing well in early July, the field's daily production reached an impressive nearly 60 barrels, contributing an additional 8 barrels to the company's total production.

During the second quarter, PRIO concentrated its efforts on stabilizing the Albacora Leste operation.

The field recorded an approximate production of 23 thousand barrels per day with an operational efficiency of 68,8%, representing an increase compared to the first quarter of 2023, which recorded 54,8%.

The expectation is for a continuous improvement in operational efficiency after the conclusion of the corrective maintenance carried out in the region by the oil company.

With normalized operations, the Polvo and Tubarão Martelo cluster recorded a significant increase in daily oil production, reaching 41% more compared to the previous quarter.

The impressive performance was the result of the scheduled maintenance shutdown carried out in March, as well as the return to production of the TBMT-4H and TBMT-8H wells in March and April, which culminated in a remarkable operational efficiency of the group, reaching around 97% .

Thus, PRIO secured prominence in the Brazilian oil market with the great results announced in the Campos Basin, but is already preparing for the Wahoo Field in 2024.

Get to know the Wahoo Field and its future projects

PRIO should start first oil from the Wahoo Field as early as 2024

Despite the great results at Campo de Frade, PRIO remains focused on advancing the Wahoo project, located in the Campos Basin, with the objective of reaching the asset's first oil in the first half of 2024.

PRIO's president, Roberto Monteiro, announced during a conference call with investors that Wahoo will be a priority in the coming months.

Campo de Wahoo is located about 35 km north of Campo Frade, which is also operated by PRIO.

The company's strategy is to perform a tie-back (interconnection) between the two fields, allowing them to share the same production system.

The Wahoo Field, with its deep waters of 1.400 meters, requires a considerable investment in the order of US$ 1 billion, as detailed in the expansion project proposed by PRIO last May.

This amount includes the execution of six wells, comprising four production wells and two injection wells, all of which are intended to be connected to FPSO Valente (formerly known as FPSO Frade).

In this way, PRIO plans to continue with the great oil production results in the Campos Basin, focusing on its new field of operations.

Now, she will continue with the 2023 schedule, preparing for the highly anticipated first Wahoo oil in 2024.