Petrobras has successfully started production from the first two wells of the improved oil recovery (IOR) project at the Roncador field in the Campos Basin offshore Brazil. The two wells are the first of a series of IOR wells to reach production. Startup is almost 5 months ahead of schedule and at half of the planned cost, according to partner Equinor. The wells will add a combined 20,000 BOED to Roncador, bringing daily production to around 150,000 bbl and reducing the carbon intensity (emissions per barrel produced) of the field.
Through this first IOR project, the partnership will drill 18 wells that are expected to provide additional recoverable resources of 160 million bbl. 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 operates the field and holds a 75% stake. In 2018, Equinor entered the project as a strategic partner with the remaining 25% interest.
In addition to the planned 18 IOR wells, the partnership believes it can further improve recovery and aims to increase recoverable resources by a total of 1 billion BOE. The field has more than 10 billion BOE in place under a license lasting until 2052. The strategic alliance agreement also includes an energy-efficiency and CO2-emissions-reduction program for Roncador.