Petro Rio advances Polvo revitalization

PetroRio SA has begun production from well POL-K in the Polvo field Eocene reservoir, offshore Brazil, advancing revitalization efforts. Initial production of 2,500 b/d incrementally increases Polvo field production to 12,000 b/d, contributing to reduced lifting cost, the company said.

POL-K, following POL-L in 2020, confirms the potential of the reservoir, the volume of which is already accounted for in the latest reserves certification report. The well’s estimated recoverable production of about 4 million bbl of oil will be reclassified from proved undeveloped reserves to proved developed producing reserves.

Capital expenditure on the well was about $11 million. Estimated payback is under 3 months.

In the Campos basin 100 km from Cabo Frio, Rio de Janeiro, Polvo was PetroRio's first production asset. In 2016, the company invested more than $11 million to increase oil extraction from the field. In 2018, PetroRio carried out the second phase of the revitalization plan, with the drilling of three wells. The project added 5,000 b/d to the field's production, increasing the reserve by more than 6 million bbl.

In 2020, the third phase was carried out, with two more wells drilled, increasing production by around 3,000 b/d and 3 million added reserves (OGJ Online, Oct. 1, 2019). Useful life of the field has been extended until 2035 considering 1P reserves and the connection between Polvo field and Tubarão Martelo field.