St. Paul – Petrobras and Norwegian Equinor production of the first two wells of the Oil Recovery Increase (IOR) project started in the Roncador field, which provides for the obtaining of millions of additional barrels.
“This milestone demonstrates the partnership’s ability to increase production and value through technology. We will continue to pool our skills to improve Roncador’s recovery and extract more value from the field, ”said Veronica Coelho, Equinor’s head of Brazil.
Roncador is the fifth active oil producer in Brazil, according to the Norwegian company. Located in the Campos Basin and in production since 1999, it is managed by Petrobras (with a 75% stake), while Equinor has a 25% stake after joining 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 launch is almost five months ahead of schedule and at half the planned cost. The wells add approximately 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 should provide additional recoverable resources of 160 million barrels.
According to Equinor, well design improvements and the partners’ combined technology expertise are key drivers of cost reductions by 50% in the first six wells, including two in production.
“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 IOR experience on the Norwegian continental shelf,” said the company executive. .
In addition to the 18 planned IOR wells, oil companies believe they can further improve asset recovery, increasing the recoverable resources for a total of 1 billion barrels of oil equivalent.
The field has more than 10 billion barrels of oil equivalent “in existence”, under license until 2052.
The agreement between the two companies also includes an energy efficiency and CO2 reduction program for Roncador.