Petro Rio SA agreed to acquire Total E&P do Brasil Ltda.’s 28.6% interest in exploration block BM-C-30 (Wahoo) in Campos basin, offshore Brazil.
Wahoo lies 30-35 km north of Frade field in 1,400 m of water with a carbonate reservoir in the presalt at 5,000-7,000 m. Oil discoveries in 2008 and formation tests carried out in 2010 have shown production potential of over 140 million bbl. Average initial productivity is estimated at over 10,000 b/d per well and total production exceeding 40,000 b/d, based on the formation test made in the pilot well.
The Wahoo base project covers drilling of four producer wells and two injector wells with tieback between the wells and the Frade FPSO with an expected capex of $300 million for the tieback, $360 million for well drilling, $100 million for subsea equipment, and $40 million for adjustments to the FPSO and other items.
The acquisition, together with a November 2020 deal signed with BP, will bring PetroRio’s operated interest to 64.3% (OGJ Online, Nov. 19, 2020). Both deals are subject to regulatory approvals and usual conditions.
