Brazilian oil and gas company PetroRio on Thursday said it had agreed to buy from Total a 28.6% stake in the Wahoo field, offshore Brazil.
The field is located in the BM-C-30 Block, and the acquisition from Total, together with the interest in Wahoo PetroRio agreed to buy from BP, will bring PetroRio’s stake to 64.3%. The company did not share the financial details of the acquisition of Total's stake in the field.
PetroRio said that Wahoo, with oil discoveries in 2008 and formation test carried out in 2010, has a production potential of over 140 million barrels.
The Brazilian oil firm has estimated average initial productivity of over 10,000 barrels per day per well and total production that can exceed 40,000 barrels per day in Wahoo, based on the formation test made in the pilot well.
The Wahoo base project covers the drilling of four producer wells and two injector wells and the tieback between the wells and the Frade FPSO.
The expected CAPEX of the Wahoo development project is composed of US$ 300 million for the tieback, US$ 360 million for well drilling, US$100 million for subsea equipment, and US$ 40 million for adjustments to the Frade FPSO and other items, the company added.
PetroRio became the operator of the Frade field when it in 2019 bought Chevron's 51.74% stake in the producing field - including the FPSO Frade - increasing its interest to 70%. It then, in October 2019, bought a further 18.3% stake from Japanese trio Inpex, Sojitz, and Jogmec.
Wahoo is located 30-35 km north of Frade, with a water depth of 1,400 m, and has a carbonate reservoir at the pre-salt layer at a depth of 5,000 to 7,000 meters. According to PetroRio, Wahoo oil is of excellent quality, with 30º API, low viscosity, and associated gas that will be used to generate energy for the Frade FPSO.