Brazilian oil and gas company PRIO said Monday it had exceeded the milestone of 100,000 barrels per day of production, with the startup of production of the ODP5 (“F23P3”) well in the Frade field, offshore Brazil.
The well has added stabilized initial production of approximately 8,000 barrels of oil per day.
During the execution of the original Frade Revitalization Campaign, geological information was collected that is serving as a base to enable the realization of a third phase of the redevelopment campaign, whose next steps are still under analysis, PRIO, also known as Petro Rio, said.
"The ODP5 well is the first well in this new phase, almost 1 year ahead of schedule, with costs in line with previous wells for its construction and subsea connection and is positioned in the same reservoir as the ODP4 well, the first producing well of the Campaign. PRIO will keep the market informed of new developments in the Frade Revitalization Campaign," PRIO said.
The Frade field is located about 118 km off the north coast of the state of Rio de Janeiro, at a water depth of between 1,050 and 1,300 meters.
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