Prio Announces Resumption of Production at Peregrino Field, Following ANP Clearance

Oct. 17 (moneytimes) Prio obtained authorization from the National Agency of Petroleum, Natural Gas, and Biofuels (ANP) to resume production at the FPSO Peregrino, operated by Equinor.

According to the relevant fact released to the market, the production ramp-up process will begin immediately.

The shutdown occurred in mid-August of this year due to pending safety documentation and risk analysis, as well as the need for adjustments to the deluge system.

The agency’s audit took place between August 11th and 15th. According to the ANP, “situations of serious and imminent risk” were identified, leading to the shutdown. Equinor immediately began repairs, with completion expected in 3 to 6 weeks.

At the time, analysts estimated that the expected downtime could result in losses of between US$30 million and US$60 million for the company, equivalent to 0.5% to 1% of the company’s market value.

“Considering 100% of the field, the estimated impact could range from approximately 1.5% to 3% of the market value, within the same 3-6 week timeframe required to resolve the issues,” analysts said in a report following the shutdown.

Prio Production
Earlier this month, Prio announced that its oil production in September was 71,269 barrels of oil equivalent per day (boe/day), a 22% decrease compared to August. As a result, the average production in the third quarter was 88,168 boe/day.

The Tubarão Martelo Field (Cluster Polvo + TBMT) produced 14,325 boe/day, a decrease of 8.7% compared to the previous month, due to a shutdown at the TBMT-6H well due to pump problems. The repair was completed on September 15, and the well returned to operation.

In Albacora Leste, production fell 13.9%, reaching 23,654 boe/day. The Frade Field recorded 33,290 boe/day, a decrease of 0.8%.

In the Peregrino Field, production was interrupted.

Oil sales reached 2,727,906 barrels in September, a decrease of 10.5%. Despite this, in the third quarter, sales totaled 8,841,424 barrels, an increase of 8.2% compared to the previous quarter.