Petrobras starts production on IOR project in Brazil
Petrobras, the operator, and Equinor successfully started production from the first two wells of the increased oil recovery (IOR) project at Roncador. This represents an important milestone in the development of the field, increasing recovery rates, adding valuable production and demonstrating the potential to leverage new technology.
The two wells are the first of a series of IOR wells to reach production. Start-up is almost five months ahead of schedule and at half of the planned cost. The wells add a combined ~20,000 barrels of oil equivalent per day to Roncador, bringing daily production to approximately 150,000 barrels and reducing the carbon intensity (emissions per barrel produced) of the field.
Through this first IOR project, the partnership will drill 18 wells, which are expected to provide additional recoverable resources of 160 million barrels. Improvements in well design and the partners’ combined technological experience are the main drivers behind the 50% cost reduction across the first six wells, including the two in production.
Roncador is Brazil’s fifth largest producing asset and has been in production since 1999. Petrobras is the operator of the field (75% equity) with Equinor (25% equity) entering the project in 2018 as a strategic partner.
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