PRIO Expects Start Of Oil Production In Capixaba Pre-Salt Field After Environmental Release From Ibama

Written by Bruno Teles

Published on 25/04/2023 at 14:41

Campo de Wahoo – PRIO (foto/divulgação)

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PRIO Is The First Independent Operator To Produce Oil In The Capixaba Pre-Salt.

The oil and gas company, PRIO, formerly PetroRio, announced this week, in a meeting with the Vice Governor and State Secretary of Development of Espírito Santo, Ricardo Ferraço, the start of production at the Wahoo field, located 150 kilometers off the Capixaba coast, after the environmental release from Ibama. The company expects to produce about 40 thousand barrels of oil per day at Wahoo, which would represent an investment of R$ 4 billion.

Wahoo Field Expected To Generate About 40 Thousand Barrels Of Oil Per Day

The Wahoo field was acquired by PRIO in November 2020 for about US$ 100 million. The company now intends to use the same production infrastructure used for the Frade field in Rio de Janeiro, also owned by PRIO, which enables operational synergy and makes the investment viable.

The project is important for Espírito Santo, which hopes to resume its economic growth through the production of oil and gas offshore. It is expected that the extraction of oil at Wahoo will generate royalties and special participations amounting to R$ 2.5 billion for municipalities and the State over a period of five years.

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Investment In Technology And Environmental Safety Were Key For Project Approval By Ibama

The investment from PRIO has proven to be profitable, as the production of oil has been showing growth. With the release by Ibama, the expectation is that production will reach even higher levels, becoming an alternative for the growth of the oil and gas sector in Espírito Santo.

In a press interview, PRIO stated that it awaits authorization from Ibama to begin extracting oil and gas from the pre-salt of ES. If the release occurs as expected, production is anticipated to start within six months.

PRIO Expands Its Operations In The Oil And Gas Market With Production At Wahoo

However, there are some challenges to be overcome. Besides the environmental release, PRIO needs authorization from the ANP (National Oil Agency) to start oil production at Wahoo. Additionally, the company will need to invest in the necessary infrastructure to operate in the region.

Despite the challenges, PRIO is quite confident about the success of the venture and expects that oil production at Wahoo will be a significant booster for the economy of the State of Espírito Santo in the coming years.

It is important to emphasize, finally, that the oil and gas sector is one of the most important for the Brazilian economy and that the production at Wahoo could generate many jobs and contribute to the country’s development.

PRIO Expects Start Of Oil Production In Capixaba Pre-Salt Field After Environmental Release From Ibama

PRIO Is The First Independent Operator To Produce Oil In The Capixaba Pre-Salt.

Wahoo Field Expected To Generate About 40 Thousand Barrels Of Oil Per Day

Investment In Technology And Environmental Safety Were Key For Project Approval By Ibama

PRIO Expands Its Operations In The Oil And Gas Market With Production At Wahoo

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PRIO Expects Start Of Oil Production In Capixaba Pre-Salt Field After Environmental Release From Ibama

PRIO Is The First Independent Operator To Produce Oil In The Capixaba Pre-Salt.

Wahoo Field Expected To Generate About 40 Thousand Barrels Of Oil Per Day

Investment In Technology And Environmental Safety Were Key For Project Approval By Ibama

PRIO Expands Its Operations In The Oil And Gas Market With Production At Wahoo

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