Petrobras and Equinor have started production from the first two wells of the increased oil recovery (IOR) project at Roncador. Located in the Campos Basin off the coast of Brazil, the Roncador oil field is the country’s fifth-largest producing asset and has been in production since 1999. Petrobras is operator on the project and has 75% equity in the field; Equinor has 25%.
The two wells are the first of a series of IOR wells to reach production. Startup is almost five months ahead of schedule and at half of the planned cost. The wells add approximately 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 160m 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.
In addition to the planned 18 IOR wells, the partnership believes it can improve recovery further and aims to increase recoverable resources by a total of 1bn barrels of oil equivalent. The field has more than 10bn barrels of oil equivalent in place, under a licence lasting until 2052. The strategic alliance agreement also includes an energy efficiency and CO2 emissions-reduction program for Roncador.