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Increase in PetroRio’s Production in the Second Quarter Was Due to the Frade Field Compensating for the Decline in the Polvo and Manati Fields
In an official statement on the morning of this Tuesday (07/09), PetroRio reported a 36% increase in its total oil and gas production (boe) in the second quarter of 2019.
The jump was 36% and was due to the increase in production from the Frade field, whose average rose from 14,953 barrels of oil equivalent per day (boe/d) from January to March 2019 to 20,272 boe/day from April to June.
Another celebrated fact by the Brazilian oil company was the achievement of a record in oil sales, reaching over 2 million boe in the second quarter, compared to 544,6 thousand boe in the previous quarter.
It is worth remembering that, at the beginning of the year, PetroRio acquired Chevron’s stake in the Frade field, and the asset joined the company’s portfolio, which already includes the Polvo field, also in the Campos basin, and the Manati field in the Camamu-Almada basin in Bahia.
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Expectation of More Increase
However, PetroRio’s expectation is to further increase production from the Frade field, which was 9,824 thousand boe in the period, with the drilling of new wells next year.
Regarding the Polvo field, which holds the position of the company’s second-largest producer with 8,523 thousand boe per day, PetroRio also plans to increase its production for the second half of this year, conducting a new drilling campaign.
The production of the Polvo field decreased compared to the first quarter, when production was 9,567 thousand boe/day, and regarding the Manati field, production fell from 2,033 thousand boe per day to 1,925 boe per day from the first quarter to the second.
The company’s explanation in the official statement was that the demand from its client (Petrobras) was lower and that this is stipulated in the contract, with a minimum remuneration of 2,400 boe per day.
Read here! Relief for the Wallet: Petrobras Reduces Gasoline and Diesel Prices Today!
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