By Brazil Stock Guide — PRIO reported average production of 178,000 barrels of oil equivalent per day in June, up about 8% from May, as the ramp-up of Wahoo helped offset temporary operational restrictions at Frade and Albacora Leste.
For the second quarter, average production reached 172,000 boepd, a 10.7% increase from the previous quarter, underscoring the growing contribution of the company’s expanded portfolio in Brazil’s Campos Basin.
At the Valente cluster, which includes the Frade and Wahoo fields, oil output averaged 58,500 barrels per day in June, while gas production reached 5,100 barrels of oil equivalent per day. PRIO said the fourth Wahoo well was opened on June 16, completing the start-up of all producing wells planned for the project.
The monthly performance, however, was not free of operational noise. Production at Frade was affected by the replacement of a gas-lift line, which led to the temporary shutdown of three wells and reduced output by around 7,000 barrels per day. The company expects full production at the field to resume in the first half of July.
At Albacora Leste, average oil production fell to 21,200 barrels per day in June, reflecting a three-day partial shutdown for maintenance of the cooling system and hydrate formation at well ABL-68. PRIO said the issue was resolved on July 1.
The Bravo cluster produced 14,700 barrels of oil per day in June, up from 13,800 barrels per day in May. Peregrino also posted a stronger month, with production rising 7.6% to 78,500 barrels of oil per day.
PRIO sold about 5.43 million barrels of oil in June, compared with 5.03 million barrels in May. For the full second quarter, oil sales totaled 15.25 million barrels.
The figures reinforce the investment case around PRIO’s ability to add production through field redevelopment, tiebacks and operational efficiency. But they also show that execution risk remains part of the story, especially as the company integrates new assets and pushes mature offshore fields to higher production levels.
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