PETRORECONCAVO TO DRILL TEN NEW WELLS IN 2018

07/04/18

PetroRecôncavo plans to drill 10 wells this year. the company completed the drilling of the sixth of them this week, at the Cassarongongo field, one of the 12 that it operates for Petrobras through production contracts in the Recôncavo Basin.

Discovered in 1959 in Bahia, Cassarongongo produced 1,798 bopd and 4,445 m3 / day of natural gas in May this year, according to the latest ANP data.

The president of the company, Marcelo Magalhães, explains that the drilled wells are basically infill drilling, aiming to increase the recovery of mature reserves.

PetroRecôncavo also operates five own concessions in the region, where it develops work-over and water injection activities with its own rigs.

The company’s capex for 2018 is approximately R $ 60 million. “We have invested R $ 100 million per year, and we are returning to these levels as the price of oil recovers,” notes the executive.

Magalhães is also president of the Brazilian Association of Independent Producers (Abpip), which works to stimulate the participation of small and medium-sized companies in the local E & P industry.

“There is a strong decline in the production of mature Brazilian fields. We have a great opportunity for independent producers, but this window will be frozen until Petrobras divestitures do not finish, “he says.

Source: Brazil Energy

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