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PRIO celebrates three years ahead of Frade’s operation
PRIO, the largest independent oil and gas company in Brazil and a pioneer in recovering and increasing the useful life of mature fields, has just celebrated three years ahead of the operation of FPSO Frade, in the Campos Basin, about 120 kilometers off the coast of the State of Rio de Janeiro. As of November 2019, the company owns 100% of the asset and currently produces about 16,000 boep/day.
“We nationalized the leadership of FPSO Frade, promoted several professionals who already worked on the ship based on meritocracy, kept what was good, and improved many other fronts to give more dynamism, sense of ownership, and sense of urgency. With this, we achieved better production, safety, and lower production costs. Besides this, we made a new development plan that will allow us to extend the life of the field by more than 15 years,” says PRIO’s Operations Director, Francilmar Fernandes.
The Frade Redevelopment Plan includes the drilling of the field’s first producing well and two more injector wells. In addition to the creation of a second production cluster through the interconnection (tieback) from Wahoo to Frade, following the strategy of operational optimization of its assets, bringing a significant increase in production to the company with a marginal increase in costs. PRIO currently holds 64.3% of the Wahoo field.
The effect of these initiatives will be a further significant reduction in PRIO’s lifting cost, along with another significant reduction in carbon emissions per barrel produced, reinforcing the company’s commitment to efficiency in all forms.
“The company’s operational efficiency is focused on the reuse of a field that would be abandoned. The result of applying this concept to operations in mature fields increases production and the useful life of the assets, reduces the environmental impact that abandoning these assets would cause, generates more jobs, collects more taxes, and pays more royalties for longer,” adds Fernandes.