Brazilian oil and gas company PRIO, formerly known as PetroRio, has uncovered proof of the existence of oil in a prospect located off the coast of Brazil .
Back in July 2021, PRIO hired the Norbe VI rig for the revitalisation campaign of the Frade field and development of Wahoo in the Campos Basin off Brazil. As a result, Ocyan is operating the rig for the Brazilian player and will continue to do so until August 2023, when the contract is slated to end.
Following the second phase of the revitalisation of the Frade field, PRIO claims that it has found evidence of oil in the Maracanã prospect (3-PRIO-1-RJS well), which is located 6 km southwest of the FPSO Valente .
According to the company, the primary target – Eocene sandstone – presented a column of 36 meters of oil , with 28 per cent porosity rock and original initial pressure. In addition, evidence of oil was found in the secondary target – Miocene sandstone – with 29 per cent porosity.
Over the coming months, PRIO intends to carry out further technical studies on both targets. The company is also mulling over the option to drill one more extension well, in a bid to outline the area and consequently the volume (VOIP) of the targets.
“If proven economically viable, these accumulations could lead to another development front in the Frade field,” highlighted PRIO.
The Frade field is a subsea development located in the Northern Campos Basin with wells tied back to the FPSO Valente. PetroRio owns 100 per cent of the Frade field, following deals with Petrobras and Chevron in January 2021 and March 2019, respectively.
Regarding PRIO’s other activities, the Brazilian player recently completed the acquisition of TotalEnergies’ interest in the BM-C-32 block, containing the Itaipu field, offshore Brazil, enabling it to take full ownership of the field.
The company also handed out a long-term operating deal to Ocyan in January 2023 for the West Capricorn sixth-generation semi-submersible rig, which would carry out operations offshore Brazil. While the rig would be primarily used on its fields’ revitalisation campaigns, it could also be leased to third parties in the future.
Additionally, the firm paid almost $2 billion in total for the acquisition of Petrobras’ entire stake in Albacora Leste deepwater field off Brazil, enabling it to take over the operatorship of the field.