July 17, 2019
Geopark plans to start long-term testing of the Água Grande formation in the REC-T-128 block, located in the Recôncavo Basin, in the third quarter.
In a recent report, the oil company reported that a test made in the formation resulted in a production rate of 300 bopd of oil with 34 ° API, without the presence of water. However, the company considers that further evaluations are necessary to determine stable flow rates.
Geopark’s production in the Manati field, where it holds a 10% stake, fell 42% in the second quarter of this year to 1,693 boed, compared to the same period in 2018. In the first three months of the year, the decline was 13%.
The result reflected the increased availability of hydroelectric power in the Northeast – which generated less demand for natural gas – and maintenance stops in the field, located in the Camamu Basin.
In addition to the REC-T-128, Geopark operates the REC-T-94 blocks (100%) in the Recôncavo Basin; SEAL-T-268 (100%), in Sergipe-Alagoas; and POT-T-619 (100%), POT-T-747 (70%) and POT-T-785 (100%) in the Potiguar Basin