Brazilian oil and gas company PRIO, formerly known as PetroRio, has kicked off production from a well located at a field in the Campos Basin offshore Brazil.
The company confirmed the start of production from the POL-Q well in the Polvo field on September 20, 2023. With stabilized initial production of approximately 1,000 barrels of oil per day, this represents a 15% increase in the field’s production. The Polvo field is located in the BM-C-8 Block in the southern part of the Campos Basin, 100 km east of the Cabo Frio, Rio de Janeiro, Brazil.
According to the Brazilian player, the new well is in the Eoceno reservoir where POL-L and POL-K wells have been producing since March 2020 and May 2021, respectively. The POL-Q well was executed with the Polvo A fixed production and drilling platform within the stipulated time and cost.
PRIO concluded the tie-back between the Polvo and Tubarão Martelo fields in July 2021 to create its first cluster. Come October 2021, the company started production from another well on the Tubarão Martelo field, as part of its strategy to revitalize and extend the life of the cluster.
PRIO is also working on creating another production cluster through the tie-back between the Wahoo and Frade fields. The company is interested in expanding its portfolio, as demonstrated by its acquisition of TotalEnergies’ interest in the BM-C-32 block, containing the Itaipu field, enabling it to take full ownership of the field.
In addition, 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.