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Frade Field completes five years with PRIO having concluded a major revitalization campaign
With a historic record, the field recorded a production increase of over 250% since its acquisition, in addition to a 70% reduction in carbon dioxide emissions
Rio de Janeiro, March 20, 2023 – Acquired on March 23, 2019 by PRIO, the largest independent oil and gas company in the country, the Frade Field, located in the Campos Basin (RJ), is completing its fifth year of operation with the company. At the end of 2023, PRIO completed the second phase of the revitalization campaign, reaching a peak production of 55.3 kbpd. Throughout the year, Frade produced over 17 million barrels, accounting for more than 70% of the company’s total production. At this phase, new wells were implemented, in addition to improvements in reservoir management, optimization in the installation of subsea equipment, efficient construction operations and reformulation of the water injection system.
As a result, the asset reached a historic record of 98.8% operational efficiency, recorded in the last quarter. Moreover, PRIO increased production in the operation by over 250% and reduced carbon dioxide (CO²) emissions by 70%. Comparatively, the results report for the 4th quarter of 2023, released by the company recently, showed an increase of 72% over the same period of the previous year, and a total increase of 117% in the volume produced over the year 2022.
“PRIO has already increased the expected useful life of this field by more than 16 years, reinforcing our non-conformism pillar. We managed to exceed our initial expectations in Frade, and the field is currently a great source of pride to celebrate these 5 years of great dedication. All the know-how we have acquired over this time is being applied to our most recent assets, bringing increasingly better results, focused on innovation, sustainability, safety and efficiency”, highlights Francilmar Fernandes, the company’s Chief Operations Officer.
The Frade Field accounts for over half of PRIO’s production, and it will be connected by 35 km of tieback with the new Wahoo field in 2024, with an estimated potential of 40kbbl/d. With the data collected during the execution of the second phase, the company is preparing for a third phase of the asset revitalization campaign.