PetroRio Aims To Step Up Recovery Efforts At Brazil’s Polvo Field

RIO DE JANEIRO—PetroRio, a Brazilian independent oil company, has been achieving its revitalization goals for the Polvo Field (BM-C-8), a mature Campos Basin asset the company acquired in 2013.

But the company said it could invest more toward the effort if Brazil’s energy ministry lowers royalty rates for the field from 10% to 5%. PetroRio has made the request.

If granted, the move would help make way for another phase of revitalization for the field. PetroRio said it has invested US$20 million for the second phase, but that could reach $50 million. The company is working to extend the life of the field, increase its recovery factor and avoid premature decommissioning. The phase entails conducting interventions in producing wells using techniques such as EOR and other advanced technologies used in areas such as the North Sea.

Subsea technologies will also allow PetroRio to access and test undeveloped reserves and new geological horizons. Currently, the company’s operational efficiency rate averages 98%, much higher than the countrywide average of 85%.