Statoil passes 100 MMbbl of production from Brazil's Peregrino field
STAVANGER, Norway -- After just four years in production, Peregrino field, in the Campos basin offshore Brazil, has passed a significant milestone, with 100 MMbbl of oil produced since April 2011. The field, which is jointly owned by Statoil and Sinochem, achieved the milestone on Aug. 2.
Pål Eitrheim, country manager of Statoil Brazil, said, “Peregrino demonstrates the power of possible, and we are proud to operate a project that is both exciting and challenging. These results reflect the professionalism of our people, and the application of technology developed by Statoil, in Brazil and elsewhere. We are constantly learning and we look forward to reaching new milestones as we continue to develop this large field.”
According to a report published by the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP) in March 2015, Peregrino is Brazil's eighth largest field, and has the second heaviest oil ever produced in Brazil. It is also the largest field operated by Statoil outside Norway and accounts for about 12% of its international production (around 720 Mbopd). The recoverable reserves are estimated between 300 MMbbl to 600 MMbbl.
The operation includes two fixed drilling platforms (WHP A and WHP B), and the FPSO Peregrino, with a production capacity of 100,000 bpd. Statoil holds a 60% stake and is the operator of the field, while Sinochem holds the remaining 40%.
With an excellent track record, Peregrino has achieved all production, efficiency, cost and safety targets in 2014.
In January this year, the development plan of Peregrino Phase II was submitted to ANP. With total estimated investments of $3.5 billion, the project involves a new drilling platform (WHP C) and will add about 250 MMbbl in recoverable reserves to Peregrino field.
Phase II of the project will enable the extension of the economic life of Peregrino and is an important and strategic part of Statoil’s ambition to consolidate a strong position in Brazil.
