Brazilian oil and gas company PRIO, formerly known as PetroRio, has achieved production from a well in the Northern Campos Basin off the coast of Brazil nearly a year ahead of schedule.

As part of PRIO's efforts to establish a production cluster by connecting the Wahoo and Frade fields, a development plan was submitted to the National Petroleum Agency, Natural Gas, and Biofuels (ANP) in December 2021.

In April 2022, PRIO received the operating license from the Brazilian Institute of the Environment and Renewable Natural Resources (Ibama) to drill new wells in the Frade field.

PRIO has now successfully brought the ODP5 (F23P3) well in the Frade field online, with an initial production rate of approximately 8,000 barrels of oil per day. This achievement has propelled the company's production to surpass 100,000 barrels per day.

During the Frade revitalization campaign, PRIO collected geological information that will serve as the foundation for the third phase of the redevelopment campaign. The next steps for this phase are still under analysis, according to PRIO.

The ODP5 well, positioned in the same reservoir as the ODP4 well, marks the first well in this new phase, commencing almost a year ahead of schedule and with costs in line with previous wells. The Ocyan semi-submersible Norbe VI rig, contracted by PRIO for the revitalization campaign, mobilized in April 2022 for drilling operations.

After successfully drilling the first well, PRIO initiated production at the ODP4 well in the Frade field in July 2022. Subsequently, in August 2022, the company confirmed production commencement from the second well in the revitalization campaign, achieving an average initial production rate of approximately 3,500 barrels of oil per day in the first week.

The Frade field is a subsea development with wells tied back to the FPSO Valente. PRIO now holds a 100% interest in the Frade field following agreements with Petrobras and Chevron in March 2019 and January 2021, respectively.

PRIO is actively expanding its portfolio, as evidenced by its acquisition of TotalEnergies' interest in the BM-C-32 block, which includes the Itaipu field offshore Brazil. This acquisition has enabled PRIO to assume full ownership of the field.

Furthermore, the company acquired Petrobras' entire stake in the Albacora Leste deepwater field for nearly $2 billion, securing operatorship of the field and further strengthening its position in the Brazilian oil and gas industry.