(PetroRio, 15.Aug.2019) — Details of PetroRio’s Frade and Polvo Fields in Brazil.
Frade Field
The Frade Field is located in deepwaters of Campos Basin, about 125km from the city of Cabo Frio and 172km from Polvo Field. It has been producing commercially since early 2009. PetroRio joined the concession in October of 2018 when it acquired Frade Japão Petróleo Ltda, which held a 18.26% stake in Frade, from INPEX and Sojitz and became the operator of the field in early 2019 when it acquired an additional 51.74% interest in the asset from Chevron.
Today, Frade Field produces and processes nearly 20.000 barrels of oil per day. All producing wells have subsea completion and are connected via risers to Frade FPSO – owned and operated by the concessionaries – which has the capacity to process up to 100.000 barrels of fluid per day and can store up to 1.5 million barrels of oil.
Based on PetroRio’s experience with Polvo Field, where the firm demonstrated its business model of rejuvenating mature oil fields, our objective in Frade is to increase proven resources by optimizing production, performing selected CAPEX projects and operating the field with a leaner OPEX, thus allowing its economic life to be significantly expanded.
Polvo Field
Located about 100km from the city of Cabo Frio (Rio de Janeiro/RJ), in the Campos Basin, Polvo was the first PetroRio production asset. In 2016, the company invested over 11 million dollars to increase the oil extraction of this field by using pioneering technologies in Brazil. The investment made it possible to extend the useful life of the Polvo Field, increasing its production even with the natural decline rate of oil fields.
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