Petrobras and Norway’s Equinor have started production of the first two wells of the oil recovery increase (IOR) project in the Roncador field, which is expected to obtain millions of additional barrels.
“This milestone demonstrates the partnership’s ability to increase production and value through technology. We will continue to combine our capabilities to improve Roncador’s recovery and extract more value from the field,” said Equinor’s head of Brazil, Veronica Coelho.
Roncador is the fifth largest active oil producer in Brazil, according to the Norwegian company. Located in the Campos Basin and in production since 1999, it is operated by Petrobras (with a 75% stake), while Equinor has a 25% stake after entering the project in 2018 as a strategic partner.
The two wells in operation are the first in a series that will use IOR technology.
“The start-up is almost five months ahead of schedule and at half the planned cost. The wells add about 20,000 barrels of oil equivalent per day to Roncador, bringing daily production to approximately 150,000 barrels and reducing the field’s carbon intensity (emissions per barrel produced).
Through this first IOR project, the partnership will drill 18 wells, which are expected to provide additional recoverable resources of 160 million barrels.
Well design improvements and the partners’ combined technological expertise are key drivers of the 50% cost reduction in the first six wells, including the two in production, according to Equinor.
“Petrobras will leverage its experience as one of the largest deepwater operators and pre-salt developers in the world and Equinor will leverage its technology, knowledge and decades of experience in IOR on the Norwegian continental shelf,” said the company executive.
In addition to the 18 planned IOR wells, the oil companies believe they can further improve asset recovery, increasing recoverable resources by a total of 1 billion barrels of oil equivalent.
The field has more than 10 billion barrels of oil equivalent “in place”under energy licensing and reduction of CO2 emissions for Roncador.ença lasting until 2052.
The agreement between the two companies also includes an
Source: CNN Brasil
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