By Brazil Stock Guide – Prio SA (PRIO3) is set to receive an environmental license from Brazil’s federal agency Ibama to begin drilling wells at its Wahoo field in the Campos Basin, according to a report by Itaú BBA.
Ibama updated its licensing system late Thursday, adding a draft license and calculation memorandum, steps analysts see as a sign that final approval could come soon. “The publication of these documents can be interpreted as a positive milestone in the licensing process and suggests that issuance may occur shortly,” Itaú BBA wrote.
The bank expects first oil from Wahoo in April 2026, with production starting from four wells and reaching 40,000 barrels a day. That would represent a 44% increase in Prio’s overall output compared with August levels.
Prio pumped about 100,000 barrels a day in the second quarter. The company projects production above 200,000 barrels per day next year, factoring in both Wahoo and the Peregrino field it recently acquired.
Prio and Ibama did not immediately respond to Reuters’ requests for comment.
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