Petro Rio SA completed the tieback between Polvo field and the Bravo FPSO in Tubarão Martelo field (TBMT) in Campos basin, offshore Brazil.
The tieback is 11 km long with 22 km of installed lines between the flowline and electric umbilical. Two scheduled shutdowns were carried out during the project’s final phase lasting 10 days in Polvo and 7 days in TBMT for adjustments to the electric system, production lines, and oil and water processing facilities. The tieback was completed in 11 months.
Capital expenditure (CAPEX) for the project was $45 million. The tieback will reduce operating expenses (OPEX) to $70 million/year from $120 million/yr, the company said, accounting for the FPSO lease (currently chartered to the field and operated by BW Offshore Ltd.), maintenance, and diesel expenses. This cost reduction is expected to increase field recovery by extending the production period, Petro Rio continued.
The cluster has economic life until 2037 (considering 1P reserves), representing a 10-year extension for Polvo and 12 years for TBMT. The tieback will reduce the cluster’s emissions to 13.7 kg CO2/bbl from 18.6 to 13.7 kg CO2/bbl.
In July, Petro Rio’s production team will adjust and stabilize Polvo field’s production at the Bravo FPSO. In parallel with the tieback project, the Kingmaker rig is finishing the TBMT-8H well workover and will begin completion of well TBMT-10HP, which is to be concluded in September.
Petro Rio holds rights to 95% of the Polvo and TBMT oil until the first 30 million cumulative bbl oil produced and 96% of the cluster’s oil thereafter. PetroRio will also be responsible for 100% of the OPEX, CAPEX, and field abandonment costs.
