PRIO registers a 15% increase in production from the Octopus field in the first quarter of the year

06 Apr 2020

PRIO, the largest independent oil and gas company in the country, recorded a 15% increase in its production in the Polvo Field in the first quarter of 2020, totaling 8,620 barrels/day of oil.

The favorable performance versus the fourth quarter of 2019 stems from the successful 2019/2020 drilling campaign.

The growth is more significant when looking at the start-up of the new POL-L well in Polvo, announced on March 19 this year.

The Company informed, at the time, that production at the Field reached the 11,000 per day mark, an increase of 40% in relation to the volumes registered at the beginning of the year.

In the Frade Field, also located in the Campos Basin (RJ), oil production was stable in the first three months of the year compared to the same period in 2019.

This data refers to 70% of the Frade Field, as PRIO is awaiting the conclusion of the acquisition, in progress, of the remaining 30%.

In the case of the Manati natural gas operation in the Camamu Basin (BA), the company has an annual minimum consumption contract (take or pay) equivalent to 1,574 barrels of oil equivalent per day, which guarantees predictability in the field’s cash generation.

In the first quarter, Manati’s production stood at 1,254 barrels/day. In all, PRIO produced, on average, 23,437 barrels/day of oil and gas in the first quarter of this year.

The company emphasizes that it remains committed to maintaining the level of quality and efficiency in its operations and to using its experience in cost rationalization, always aiming to obtain the best results.

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