Exceeding Market Expectations, PRIO Launches New Offshore Well at Frade Field in Campos Basin, with Production of Approximately 8,000 Barrels of Oil Per Day

With a Production of 8,000 Barrels of Oil per Day at Well MUP5, the Company Expanded the Capacity of the Frade Field by 25%. PRIO Has Been Heavily Investing in the Offshore Exploration Campaign in the Campos Basin in Recent Months.

The independent oil company PRIO recently announced great results for its exploration campaign at the Frade Field. It put a new offshore well into operation in the Campos Basin region, named MUP5. The site resulted in an approximate production of 8,000 barrels of oil per day, exceeding all market expectations for the national oil and gas sector this week.

PRIO Advances in the Campos Basin Exploration Campaign and Brings New Well into Production in the Offshore Region of the Frade Field

Targeting future opportunities in the national oil and gas market, the independent company PRIO announced new significant results for its operations.

It began the production of another well in its exploration campaign in the Campos Basin, more specifically at the Frade Field. Named MUP5, well 7-FR-60HP-RJS had its initial production stabilized at approximately 8,000 barrels of oil per day.

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This is a significant number for the independent oil company, which surprised the national market with the initial results of the campaign at the new well.

With this figure, PRIO was able to increase oil production at the Frade Field by about 25%, making its presence even more significant in the national exploration scene of fuels.

Moreover, the total production of the company reached more than a 10% expansion at the beginning of March, hitting 80,000 barrels per day. One of PRIO’s main goals is to approach the level of 100,000 barrels per day by the end of 2023.

“Well MUP5, the third producing well of the Frade Revitalization Plan, was executed within a shorter timeframe than the initial projections and almost 1 year ahead of the initial schedule, with a total cost of US$ 50 million for its construction and subsea connection,” stated the independent oil company in a press release.

In Addition to the New Operation at Well MUP5 in the Frade Field, Company Announces Its Financial Results for 2022 with Significant Numbers in the Market

Along with the announcement of the significant production numbers at the new well in the Frade Field, PRIO also disclosed its financial results for the year 2022.

It achieved a record annual net profit of US$ 711 million, a 193% increase compared to 2021. In relation to the fourth quarter of the year, the company totaled 189.8 million in profit, representing a rise of 19% compared to the same period in 2021.

As for its oil production capacity, PRIO reached the mark of 14.8 million barrels, with 40.4 thousand barrels of oil equivalent per day.

In just the fourth quarter of the year, the company’s oil production hit the mark of 47.6 thousand barrels of oil equivalent per day.

With the new operation at the well MUP5 of PRIO in the Frade Field, the oil company will be able to expand its production even more satisfactorily.

About PRIO

“Focusing on investment and the recovery of producing assets, PRIO specializes in the efficient management of reservoirs and the redevelopment of mature fields. We believe in conducting business with a focus on operational efficiency, safety, and care for the physical and mental health of our employees.”