The Bell Ringing at Polvo Field, in Campos Basin! PetroRio Raises Its Oil Production by Almost 30%

PetroRio Verified An Initial Flow Rate Exceeding 2,500 Barrels Per Day And One Of The New Oil Wells Started In The 3rd Phase Of The Revitalization Of The Polvo Field, In The Campos Basin.

The Gong Sounded At The Polvo Field, In The Campos Basin! Brazilian Oil Company PetroRio Started Production At A New Oil Well In The Polvo Field, In The Campos Basin, With An Initial Flow Rate Exceeding 2,500 Barrels Per Day, Representing An Increase Of Nearly 30% In The Asset’s Production, The Company Reported To The Market. PetroRio Oil And Gas Starts Curriculum Registration For High School And Higher Education Engineering Positions

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The Field Returned To A Daily Oil Production Close To 11,000 Barrels Per Day In The First Days Of The Well’s Production, Known As POL-L, According To Information From PetroRio, Published On Thursday Night.

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“This Volume Of Production Will Allow A Reduction In The Lifting Cost To Levels Below 26 Dollars Per Barrel For Polvo, And Below 18 Dollars Per Barrel For The Company,” The Oil Company Said, Considering Its 70% Stake In The Frade Field In The Coming Months, Still Without Considering Additional Synergies Being Studied With The Tubarão Martelo Tieback.

The Increase In Oil Production Resulted From A Third Phase Of Revitalization Efforts At The Polvo Field, According To The Company, Which Added That Its Reserves Were Also Positively Impacted By The Campaign.

PetroRio Estimates That The POL-L Well May Add Up To 3 Million Barrels Of Recoverable Oil To Its Reserves. The Total Cost Of The 3rd Phase Of The Polvo Revitalization Campaign Was Approximately 20 Million Dollars.

The Announcement Was Made After The Oil Company Informed This Week That It Revised Its Business Plan And Decided To Postpone All Investments To “Readjust” To The New Scenario Of The Oil Industry Amid The Global Coronavirus Pandemic.

Among The Measures Due To The Epidemic, The Company Demobilized The Progress Of The 3rd Phase Of The Polvo Revitalization, Which Also Included The Drilling Of Another Well, Known As POL-N, Which Will Require More Studies.

PetroRio Added That It Started Injection Tests Of Viscosity Reducers The Day Before, Seeking To Make The Production Of This Well Economically Viable.

The Incremental Production That Will Come From Both Wells Drilled In Polvo Will Have The Oil Royalty Rate Reduced From 10% To 5%, According To Authorization From The Regulator ANP Starting From New Rules Aimed At Encouraging Investments To Extend The Lifespan Of Mature Fields, PetroRio Reiterated.

Check Out The Video Below In Celebration Of The Oil Company!