Brazilian oil and fuel firm PetroRio has signed an settlement with BP for the acquisition of pursuits in two fields offshore Brazil.

PetroRio stated on Thursday that the settlement was for the acquisition of 35.7 per cent curiosity within the BM-C-30 block which consists the Wahoo discipline. The deal additionally consists of the purchase of the 60 per cent curiosity within the BM-C-32 block which holds the Itaipu.

According to the corporate, Wahoo, with a manufacturing potential of over 140 million barrels had oil discoveries in 2008 and carried out formation checks in 2010, and suits exactly in PetroRio’s worth era technique.

The Wahoo improvement will permit the corporate to create
one other manufacturing cluster which is able to share all infrastructure with the Frade discipline
– together with the FPSO – enabling the seize of synergies, leading to
vital and sustainable lifting value discount, whereas sustaining excessive
ranges of security and effectivity.

Location of the fields; Source: PetroRio
Location of the fields; Source: PetroRio

The acquisition could have a hard and fast portion of $100 million
which can be divided into 5 funds, plus a $40 million earn-out contingent
on Itaipu’s unitization or first oil.

Wahoo is situated 30-35 km north of Frade in a water depth of 1,400 metres and has a carbonate reservoir on the pre-salt layer at a depth of 5,000 to 7,000 metres. PetroRio claims that oil on the discipline is of fantastic high quality, low viscosity, and related fuel from the sector can be used to generate vitality for the Frade FPSO.

Itaipu, which was found in 2009 and has three pilot wells drilled, is situated near the Whales Park cluster. PetroRio stated that the event of this space may undergo a unitization course of earlier than any improvement definition.

During the analysis means of the funding alternative,
PetroRio confirmed the potential of a tieback between Wahoo and Frade and
devised a brand new improvement challenge utilizing present infrastructure, absolutely aligned
with its worth era technique.

The Wahoo base challenge covers the drilling of 4 producer
wells, two injector wells, the deployment of a subsea manifold with multiphase
pumps for the circulation of oil and injected water and the tieback between the
manifold and the Frade FPSO.

Source: PetroRio
Source: PetroRio

The challenge could also be adjusted, relying on new applied sciences
and situations discovered after the start of manufacturing. For instance, if there
is aquifer strain within the Wahoo reservoir, the injector wells might turn into pointless,
decreasing the full deliberate funding.

PetroRio estimated common preliminary productiveness of greater than 10,000 barrels per day per properly and a manufacturing that may exceed 40,000 barrels per day in Wahoo, based mostly on the formation check made within the pilot properly.

In the bottom challenge, the capex consists of $300 million
for the tieback, $360 million for properly drilling, $100 million for subsea
gear, and $40 million for changes to the Frade FPSO and different gadgets.

The put up PetroRio buys stakes in two BP fields off Brazil appeared first on Offshore Energy.

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